The government of the United States of America and that of the People’s Republic of China, undertake to adopt a series of actions by May 14 relating to the duties. In particular, the US will change the application of the additional rate to value for customs duties on China’s articles, established on April 2, suspending 24 percentage points of this rate for a Initial period of 90 dayswhile maintaining the 10% remaining value of value on these items. In addition, they will remove the additional rates to valuem modified on these items imposed by the executive order of 8 and 9 April.
China, for its part, will consequently change the application of the additional rate to value for customs duties on the articles of the United States established in the announcement of the Commission for the customs tariffs of the Council of State, suspending 24 percentage points of this rate for an initial period of 90 days, while maintaining the additional rate of value to the remaining 10% on these items and removing the additional rates to the value. Same articles.
It will also adopt all the administrative measures necessary to suspend or remove the non -tariff countermeasures adopted against the United States from April 2. After adopting the above measures, the parties will establish a mechanism to continue the discussions on economic and commercial relations. Yesterday, at the end of the talks, the secretary of the United States Treasury Scott Beesent had said that “substantial progress have been made”. The US commercial representative, Jamieson Greer, said that “it is important to understand how quickly we managed to achieve an agreement, which shows that perhaps the differences were not as big as it was thought”, underlining that one of the highest priorities of the Trump administration is to fill the commercial deficit of the United States with China, which last year reached the record figure of 263 billion dollars.