{"id":459156,"date":"2026-05-20T23:19:21","date_gmt":"2026-05-20T23:19:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/459156\/"},"modified":"2026-05-20T23:19:21","modified_gmt":"2026-05-20T23:19:21","slug":"after-over-a-year-of-tit-for-tat-the-us-and-china-could-slash-sky-high-tariffs","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/459156\/","title":{"rendered":"After over a year of tit-for-tat, the US and China could slash sky-high tariffs"},"content":{"rendered":"<p>  By&amp;nbsp<a href=\"https:\/\/www.euronews.com\/profiles\/3408\" rel=\"nofollow noopener\" target=\"_blank\">Una Hajdari<\/a>&amp;nbspwith&amp;nbspAFP<\/p>\n<p>\n         Published on<br \/>\n            20\/05\/2026 &#8211; 13:24 GMT+2\n            <\/p>\n<p>Beijing will work with Washington on reducing levies affecting tens of billions of dollars in goods, the commerce ministry said Wednesday and days after US President Donald Trump visited China.<\/p>\n<p>          <img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt=\"\" loading=\"lazy\"\/><br \/>\n          ADVERTISEMENT<\/p>\n<p>          <img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt=\"\" loading=\"lazy\"\/><br \/>\n          ADVERTISEMENT<\/p>\n<p>The world&#8217;s two largest economies spent much of 2025 embroiled in an escalating trade war until Trump and Chinese President Xi Jinping reached a one-year truce when they met in South Korea in October.<\/p>\n<p>As a result of their summit last week, a trade council has been set up, under the auspices of which &#8220;both sides agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent scale,&#8221; the ministry said in a statement.<\/p>\n<p>The intended tariff cuts will affect goods worth $30 billion (\u20ac27.3bn) or more on each side, according to an online statement attributed to an unnamed commerce ministry official.<\/p>\n<p>China hopes &#8220;the US side will honour its commitment&#8221; made during the recent round of negotiations, it added, calling for an extension to the trade truce agreements reached last year.<\/p>\n<p>However, the potential tariff cuts are &#8220;not significant enough to change the market&#8217;s GDP forecast,&#8221; said Zhiwei Zhang of Pinpoint Asset Management.<\/p>\n<p>&#8220;Nonetheless this is a positive step in the right direction,&#8221; he added. &#8220;As long as the two countries are talking to stabilise the bilateral relations, it is good news for global investors.&#8221;<\/p>\n<p>The commerce ministry also said China would restore registrations for some US beef exporters, following their lapse last year during the height of tensions with Washington.<\/p>\n<p>Confirming another outcome of the Xi-Trump summit, the ministry said China would purchase 200 aircraft from US aerospace giant Boeing, though it did not specify which model or models.<\/p>\n<p>US media had reported for several months that Beijing was poised to make a major order from Boeing that would include 500 single-aisle 737 MAX jets and around 100 larger 787 Dreamliners and 777s.<\/p>\n<p>On the supply of rare earths \u2014 the critical field dominated by China and the target of biting export restrictions implemented last year \u2014 the statement was scant on detail.<\/p>\n<p>&#8220;Both sides will work together to study and resolve each other&#8217;s legitimate and lawful concerns,&#8221; it said.<\/p>\n","protected":false},"excerpt":{"rendered":"By&amp;nbspUna Hajdari&amp;nbspwith&amp;nbspAFP Published on 20\/05\/2026 &#8211; 13:24 GMT+2 Beijing will work with Washington on reducing levies affecting tens&hellip;\n","protected":false},"author":2,"featured_media":459157,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,114,113,61,60,5894,115],"class_list":["post-459156","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-china","tag-economy","tag-ie","tag-ireland","tag-trump-tariffs","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/459156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=459156"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/459156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/459157"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=459156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=459156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=459156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}