On August 12, after economic and trade talks in Stockholm, China and the United States jointly issued the "Joint Statement on China-US Economic and Trade Talks in Stockholm", announcing that starting from that day, they would once again suspend the additional 24% tariffs on each other's goods for 90 days, while retaining a 10% tariff.
On August 12, after economic and trade talks in Stockholm, China and the United States jointly issued the "Joint Statement on China-US Economic and Trade Talks in Stockholm", announcing that starting from that day, they would once again suspend the additional 24% tariffs on each other's goods for 90 days, while retaining a 10% tariff. This move has sent a new signal of easing bilateral trade relations, with a particularly significant impact on industries such as steel.
According to the statement, the United States will continue to adjust the implementation method of the ad valorem tariffs imposed on Chinese goods under Executive Order 14257 of April 2, 2025, suspending the 24% tariff for 90 days while maintaining the remaining 10% tariff. For its part, China will correspondingly continue to revise the implementation of the ad valorem tariffs imposed on US goods as specified in the Taxation Commission's Announcement No. 4 of 2025, suspending the 24% tariff for 90 days, retaining the 10% tariff, and taking or maintaining necessary measures as agreed to suspend or cancel non-tariff countermeasures against the United States.
In the field of steel trade, this tariff adjustment is of great significance. Previously, the high tariffs imposed by the United States on Chinese steel products severely inhibited China's steel exports. With the US suspension of the additional 24% tariff, the comprehensive tax rate on Chinese steel products exported to the United States has dropped to 10%, which will significantly enhance the price competitiveness of steel products such as hot-rolled coils and rebar. The industry expects that bilateral steel trade volume is expected to grow by more than 10% within the next 90 days. More Chinese steel products entering the US market will meet the demand for steel in areas such as US infrastructure construction and bring more export opportunities for Chinese steel enterprises.
From the perspective of the international market, this policy adjustment is conducive to stabilizing international steel prices. Previously, Sino-US trade frictions disrupted the global steel trade pattern, leading to significant supply-demand mismatch pressures in third-party markets such as Southeast Asia. After China's steel exports were restricted, some of the production capacity originally destined for the United States shifted to Southeast Asia, resulting in oversupply in the local market and sharp price fluctuations. Now, the easing of Sino-US tariffs and the gradual return of steel trade to normal track will help alleviate the supply-demand imbalance in regions such as Southeast Asia and stabilize the global steel industry chain and supply chain.
Recently, both China and the United States have actively released signals to ease trade tensions. This tariff suspension has created a positive atmosphere for the next stage of economic and trade consultations between the two countries. In the future, the negotiations between the two sides on trade rules, market access and other issues in various fields including the steel industry are worthy of attention.
