(12 May 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Geneva – 11 May 2025
1. Wide of He Lifeng, Chinese Vice Premier, head of Chinese delegation and other walking into news conference
ASSOCIATED PRESS
Beijing, China – 12 May 2025
2. SOUNDBITE (English) Ken Moritsugu, Associated Press Beijing Correspondent:
“The U.S. and China have agreed to roll back most of the huge tariffs they imposed on each other last month, raising hope that the two sides will find a way to resolve their differences. The U.S. had raised tariffs on Chinese goods to 145 percent. China had retaliated by increasing the duty on American imports to 125 percent. The high rates roiled stock markets and posed a serious threat to both economies."
ASSOCIATED PRESS
Geneva – 11 May 2025
3. Wide of He Lifeng leaving the news conference
ASSOCIATED PRESS
Beijing, China – 12 May 2025
4. SOUNDBITE (English) Ken Moritsugu, Associated Press Beijing Correspondent:
"Under the agreement, the U.S. tariff will fall to 30 percent, and China will bring its rate down to 10 percent. China supplies everything from toys to iPhones to the United States. The tariffs could have jacked up prices for Americans and emptied store shelves. China could have lost millions of jobs. Faced with the prospect of severe economic disruption, the two sides found a way to avert an immediate crisis. Now comes the hard part. China exports much more to the U.S. than it buys from America. The question is whether the two countries will be able to agree on a way to reduce that imbalance – or tumble back into a trade war.”
++ENDS ON SOUNDBITE++
STORYLINE:
U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war to allow for more talks on resolving their trade disputes.
Since returning to the White House in January, Trump has aggressively used tariffs as his favorite economic weapon. He has, for example, imposed a 10% tax on imports from almost every country in the world.
But the fight with China has been the most intense. His tariffs on China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States.
The remaining 125% involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%.
Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped $660 billion.
Under the new agreement, "the U.S. tariff will fall to 30 percent, and China will bring its rate down to 10 percent", said the Associated Press Beijing Correspondent Ken Moritsugu.
Economists warned, however, that tariffs still remained higher than before and that the outcome of future talks was uncertain.
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