China: Tariff Rates Updated following May 12 Joint US-China Statement

On May 12, the United States and the People’s Republic of China jointly announced a reduction of Chinese tariffs related to the series of original tariff announcements dated April 4, April 9, and April 11 that had increased rates by 125 percent on top of existing tariffs and retaliatory tariffs. The rates associated with these State Council Tariff Commission Announcements 4, 5, and 6 will now be 10 percent. The retaliatory tariffs of 10-15 percent on U.S. agricultural products that were imposed by China on March 10 in retaliation for U.S fentanyl tariffs remain in place. In addition, though the May 12 announcement indicated several non-tariff actions since April 4 would be addressed, questions remain on other non-tariff measures that occurred around the same time. This report provides the English version of the joint statement and a table containing up-to-date tariffs applied to U.S. agricultural, fishery, and forestry products as an attachment.