China Macro Brief: June 2025
US-China trade negotiations, and rhetoric, continue. Meanwhile, China has continued to improve her armoury, and bolster her economy in anticipation of a further breakdown in relations – and, having learned well from Russia’s recent experience, around sanctions in particular. This does introduce additional complexity and compliance burden for individuals and entities with interests in China, not least within their supply chains.
Tariffs
As we saw last month, Trump’s 145% tariffs on Chinese goods were reduced to 30% baseline (comprised of 10% reciprocal and 20% fentanyl related) whilst a 90-day truce/ negotiation period continues, with Chinese tariffs on US goods were reduced to a 10% baseline. It is important to note that these are baseline tariffs and that further duties can be applied to specific product codes. China, for example continues to apply 15-25% duties on agricultural and industrial products, whilst the US has recently applied a blanket 50% rate...
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