The US tariff rate on all imports fell to 13.1pc from 22.8pc after China and the US agreed to a significant de-escalation in their trade dispute over the weekend, according to rating agency Fitch.
Even so, a rate of around 13pc was last seen in 1941 and remains much higher than the 2.3pc at the end of 2024, Fitch said. The rate represents total duties as a percentage of total imports and changes, with shifts in import share by country of origin and product mix.
The US effective tariff rate for China remains the highest at 31.8pc, reflecting duties imposed on China before 2 April, as well as a 10pc baseline tariff imposed on most countries. That was down from 103.6pc.
Japan, Mexico, Canada and Germany, which have the next highest exports to the US, have effective tariff rates in excess of 10.5pc.
As a result of the breakthrough over the weekend, the US will reduce punitive tariffs on imports from China to 30pc, with Beijing keeping in place retaliatory tariffs of 10-15pc on most US energy and agricultural commodities.
