Last week, key adjustments were made to tariff policies in many countries around the world, among which the easing of China-US economic and trade relations emerged as the most notable development.

In accordance with the newly reached agreement, the United States will eliminate the 10% “fentanyl tariff” imposed on Chinese goods and suspend the 24% “reciprocal tariff” for one year; in response, China has simultaneously suspended all retaliatory tariffs on the United States.

During the same period, adjustments in other regions included: Indonesia imposing a safeguard duty on imported cotton yarn, Chile revoking the value-added tax (VAT) exemption for small-value cross-border parcels, and the European Union making minor adjustments to the rules of its Carbon Border Adjustment Mechanism (CBAM).

At the same time, China announced the implementation of a strict export licensing system for rare earths and related items.