Macau goods temporarily spared from higher US tariffs

The United States and China have agreed to a 90-day suspension of significant tariffs on each other’s goods, including those from Macau and Hong Kong.

The agreement, announced yesterday following two days of negotiations in Geneva, reduces U.S. tariffs on Chinese imports by 24 percentage points, retaining a 10% rate, while China will mirror the move by cutting tariffs on U.S. goods to 10% and lifting non-tariff countermeasures imposed since April 2, 2025.

A joint statement highlighted the importance of the bilateral economic relationship to both nations and the global economy, noting that “the parties commit to take the following actions by May 14, 2025,” explicitly including tariff modifications covering goods from the Hong Kong and Macau Special Administrative Regions.

U.S. Treasury Secretary Scott Bessent described the talks as “productive,” highlighting that “both sides showed great respect” during negotiations. He stressed that “neither side wants a decoupling,” adding that the previously high tariffs “were an embargo, the equivalent of an embargo” neither country desired.

China’s Vice Premier He Lifeng will co-lead ongoing trade discussions with U.S. officials, including Secretary Bessent and Trade Representative Jamieson Greer, to foster continued communication and cooperation. Ns