Negotiators agreed for the People’s Republic to resume rare earth supplies in return for nixing punitive measures. Both sides may draw back from intolerable, targeted pain. Yet with 55% levies on Chinese goods still in place, overall progress on the trade war remains illusory.
U.S. Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng meet in London, Britain June 9, 2025. United States Treasury/Handout via REUTERS/File photo
WASHINGTON, June 11 - U.S. and Chinese trade negotiators are no longer driving off a cliff, but they’re still on the wrong road. The world’s two largest economies reached an agreement in London on Tuesday that roughly returns to a month-old truce halting a vicious spiral of tit-for-tat trade levies.
The agreement allows the U.S. to charge a 55% tariff on imported Chinese goods. This includes a 10% baseline "reciprocal" tariff, a 20% tariff for fentanyl trafficking and a 25% tariff reflecting pre-existing tariffs. China would charge a 10% tariff on U.S. imports, according to the White House. Gabriel Rubin is a U.S. columnist for Reuters Breakingviews covering business and economics in Washington, DC. He joined Breakingviews in May 2024 after eight years at the Wall Street Journal, where he covered economics, politics, and financial regulation. He holds a bachelor's degree in history and Spanish from Washington University in St. Louis.
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