RIYADH: Exporters from Mainland China and Hong Kong can now send small packets to USA paying a flat tax of $100 per parcel as President Trump has slashed the tariff.
The new tariffs on small packages worth up to $800 (£606) have been cut from 120% to 54%. It is pertinent to mention here that Chinese online retail giants had been sending small packets to customers without paying any taxes. In order to de-escalate the Trumps Tariffs War, US and China proclaimed 12th May, that the duo had agreed on the third day of high-level talk here to reduce the tariffs.
Treasury Secretary Scott Bessent informed that following the three days of parleys US and China agreed on a ninety-day pause on measures: “Both countries represented their national interest very well. We both have an interest in balanced trade, the US will continue moving towards that.” A joint statement held:
“Each side has agreed to lower reciprocal tariffs on the other by 115 percentage points for 90 days. That effectively means the US will temporarily lower its overall tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%.”
Participants of the high-level Chinese-US huddle here at the end of the second day of the Trump Tariffs’ War parleys 11th May claimed to have made substantial progress.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Treasury Secretary Scott Bessent stated. US Trade Representative Jamieson Greer told that an agreement had been reached Sunday…
” After President Donald Trump imposed sweeping 145% tariffs on most Chinese goods last month: The president declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to resolve work toward resolving that national emergency,” Greer said.
In order to defuse the Trumps’ Tariffs War, Vice Premier of China He Lipeng and US Treasury Secretary Scott Bessent held talks in Geneva 10th May.
Newspakistan.tv
