By:  Brian Walczyk, Compliance Manager, TradeInsights, LCB, CCS

U.S. and Chinese governments met this weekend in Geneva, Switzerland, and announced on Monday, May 12^th they will be deescalating the reciprocal tariffs between the two nations.  The U.S. issued a statement that it will lower the current IEEPA reciprocal rate of 145% down to 30% for Chinese goods, by May 14^th.  This suspension is set to last 90 days, with China also lowering its retaliatory tariffs on U.S. goods to 10%, pointing toward both countries moving forward with continued trade negotiations.

Chinese goods can still face additional trade remedy measures, such as Sec 301, Sec 232 (Aluminum, Steel, and Auto), and AD/CVD.

We will continue to monitor and provide updates as they become available.

Please contact your V. Alexander account team, or you may also contact our Trade Compliance team at tradeinsights@valexander.com with any questions, and you can always follow us on our website www.valexander.com for updates on this and other topics.