The global tariff landscape witnessed significant fluctuations and divergences last week.

In the China-US context, U.S. Customs and Border Protection (CBP) officially issued a notice to terminate the reciprocal tariffs and fentanyl-related tariffs imposed by former President Trump under the International Emergency Economic Powers Act (IEEPA). Specifically, the 10% fentanyl tariff and 10% reciprocal tariff on China have been lifted, providing a phased relief from additional tax burdens on Chinese goods.

However, the overall U.S. trade protectionism has not weakened. Trump invoked the Trade Act of 1974 to impose a temporary 10% global import surcharge on goods entering the U.S. from all countries, effective February 24 (U.S. Eastern Time).

Meanwhile, China’s State Council Tariff Commission announced that from March 1 to the end of the year, it will suspend the 100% additional tariffs on peas and oilseed meal cakes originating from Canada, as well as the 25% additional tariffs on lobsters and crabs.

Against the backdrop of this global tariff restructuring, pressures on supply chains and rules of origin supervision continue to rise, and the global tariff environment remains in a state of dynamic game.