Over the next 90 days, the U.S. and China have decided to temporarily halt some tariff increases. This deal involves a significant decrease in mutual tariffs imposed by both countries on each other.
The accord decreases U.S. taxes on Chinese products from 145% to 30%, and it lowers China’s taxes on U.S. goods from 125% to 10%. This signifies a substantial easing of tensions in the trade conflict.
During a temporary halt, a 20% customs duty on Chinese imports involving fentanyl remains active, resulting in an overall tariff of 30% for these goods. Initially, CNBC announced this 90-day suspension.
U.S. Treasury Secretary Scott Bessent stated that our discussions were extremely fruitful, and I think the location at Lake Geneva significantly enhanced the already successful outcome of the proceedings.
We’ve negotiated a three-month halt in our actions, along with a significant decrease in the tax rates. Each party involved in the mutual tariffs will lower their tariffs by approximately 115%.
The pause goes into effect on Wednesday, May 14, 2025.
A later report by CNBC confirmed that Bessent plans to meet with China to work on a long-term deal.
Bessent stated on CNBC’s Squawk Box that it seems likely we’ll have another meeting soon to start working on a comprehensive deal in the coming weeks.
How will tariffs affect tech prices?
The continuous US trade dispute fosters a sense of unpredictability, causing tech firms to implement significant adjustments due to various tariff suggestions, declarations, and suspensions.
In essence, tech firms don’t have the liberty to fluctuate sales or pricing spontaneously like flipping a switch. They can make changes in response to things like tariffs, but it’s crucial to strike a balance between immediate and long-term sales considerations.
This year, there has been a halt in the import of new Razer devices, while the costs of the Legion Go S and MSI Claw have risen. Similarly, the prices for Xbox Series X and Xbox Series S have also experienced an increase.
According to a recent analysis, it’s possible that console prices might increase by as much as 69% if a proposed 145% tariff on certain Chinese goods becomes a reality. This could also lead to a significant rise in the cost of other electronic devices.
It seems that the U.S. and China are reportedly arranging a meeting regarding future strategies, which could potentially prevent prices from reaching such high levels.
This is an ongoing story, and it will be updated as more information becomes available.
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2025-05-12 16:17