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China Morning Missive

There is a great deal to address in the supposed “done deal” announced between China and the US. For right now what I want to highlight is the issue of tariffs.

The headlines have blared that an agreement was reached for American to place 55% tariffs on Chinese imports with China holding tariffs on American imports at 10%.

This is EXACTLY the very same level of tariffs the parties agreed to last month in Geneva. There is nothing new here.

For the purpose of optics, what the American side has done is include the tariff rates put in place back in 2018 to the grand total announced yesterday. 25% from 2018 on all Chinese imports, 10% added this year (after being reduced from +100% in April mind you) and an additional 20% punitive tariff for fentanyl.

To conclude, when it comes to tariffs the parties are exactly where they were even before the talks commenced in London.

https://www.reuters.com/world/china/lutnick-says-us-tariff-levels-china-wont-change-2025-06-11/

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Kiley Lemke 7mo ago

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