On the evening of the 14th, the Ministry of Commerce of China stated that at 12:01 AM Eastern Time on May 14 (12:01 PM Malaysian Time on the 14th), the U.S. canceled 91% of the tariffs on Chinese goods, suspending the implementation of a 24% reciprocal tariff; the U.S. also reduced or revoked the tariffs imposed on small Chinese parcels, lowering the ad valorem tax rate on international mail from 120% to 54%.
According to a report by China's official news agency Xinhua, information from the Ministry of Commerce indicated that based on an executive order issued by the White House on the 12th, the U.S. rescinded a total of 91% of the tariffs imposed on goods from China (including Hong Kong and Macau) under two executive orders at 12:01 AM Eastern Time on the 14th, and amended the April 2 measures of imposing 34% reciprocal tariffs on Chinese goods (including Hong Kong and Macau), suspending the additional 24% tariffs for 90 days, while retaining the remaining 10% tariff.
As a result, the tariffs imposed by the U.S. on Chinese goods this year have been reduced from 145% to 30%. This 30% consists of a 10% tariff increase proposed twice in February and March by the U.S. regarding the fentanyl issue, plus a 10% reciprocal tariff currently reduced as announced by President Trump on April 2.
Meanwhile, the U.S. also reduced or revoked tariffs on small parcels from China (including Hong Kong), lowering the ad valorem tax rate on international mail from 120% to 54%, and revoked the measure that was scheduled to increase the specific tax from $100 per item to $200 starting June 1.