Following a meeting in Switzerland over the weekend, two of the world’s largest economies, the U.S. and Chinese governments, announced a joint plan to begin deescalating tariffs, starting May 14, 2025.

A fact sheet published May 12, 2025 by the Trump Administration outlined what both countries will do:

China will remove the retaliatory tariffs it announced since April 4, 2025, and will also suspend or remove the non-tariff countermeasures taken against the U.S. since April 2, 2025.

China will also suspend its initial 34% tariff on the U.S. it announced on April 4, 2025, for 90 days, but will retain a 10% tariff during the period of the pause.

The U.S. will remove the additional tariffs it imposed on China on April 8 and April 9, 2025, but will retain all duties imposed on China prior to April 2, 2025, including Section 301 tariffs, Section 232 tariffs, tariffs imposed in response to the fentanyl national emergency invoked pursuant to the International Emergency Economic Powers Act (IEEPA), and Most Favored Nation tariffs.

According to Harris & Roll LLP, this means that goods of Chinese origin will face the following tariff rates for the next 90 days:

• regular most favored nation duties (varies based on HS code)
• antidumping and countervailing duties (varies based on order)
• Section 301 duties (7.5% or 25%)
• “fentanyl” duties (20%)
• reciprocal duties (10%) or, if applicable, Section 232 duties (25%) on certain products (e.g., aluminum, steel, etc.)

It is important to note that the tariff reduction is not permanent and is in effect for only 90 days. Deringer will be closely monitoring U.S. Customs and Border Patrol (CBP) guidance and the Federal Register for developments as clarifications are needed.

Late last week (May 8th), the White House announced that a trade deal had also been reached with the U.K. While the reciprocal tariff rate of 10% will continue to apply to most imports from the U.K., the two countries will negotiate an “alternative arrangement” for the Section 232 tariffs on aluminum and steel.

This trade deal will expand U.S. market access in the U.K., creating a $5 billion opportunity for new exports from U.S. farmers, ranchers, and producers. For the U.K., the first 100,000 vehicles imported into the U.S. each year by U.K. car manufacturers will be subject to the 10% reciprocal rate, with any additional vehicles subject to a 25% rate.

For more details about the U.S.-U.K. trade deal, read the White House fact sheet.

Due to the rapidly changing application and modifications of duty rates, please note that Deringer is not responsible for coordinating the timing of U.S. entry and imposed tariff rates.