China, US announce measures to ease tariff tensions

China and the United States announced Monday a series of tariff modification measures aimed at easing trade tensions between the world's two largest economies.

The decision followed a two-day China-U.S. high-level meeting on economic and trade affairs in Geneva, Switzerland, during which the two sides conducted candid, in-depth and constructive communication on implementing the important consensus reached during the phone call between Chinese President Xi Jinping and U.S. President Donald Trump on Jan 17 this year, and reached a series of important consensus in the economic and trade fields.

In a joint statement released on Monday morning, both sides said they will take a number of actions by Wednesday.

The United States will modify the application of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of the said Order.

It will also remove the modified additional ad valorem rates of duty on those articles (totaling 91 percentage points) imposed by Executive Order 14259 of April 8, 2025 and Executive Order 14266 of April 9, 2025.

China will modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles.

China will remove the modified additional ad valorem rates of duty on those articles (totaling 91 percentage points) imposed by Announcement of the Customs Tariff Commission of the State Council No. 5 of 2025 and Announcement of the Customs Tariff Commission of the State Council No. 6 of 2025, said the statement.

It will also adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.

Recognizing the importance of their bilateral economic and trade relationship to both countries and the global economy, and moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect, the two sides agreed to establish a mechanism to continue discussions about economic and trade relations, according to the statement.

Ad valorem tax is a tax based on the assessed value of assets, goods or services being taxed.

China, US announce measures to ease tariff tensions

The Iranian government is focusing on public concerns and maintaining stable supplies of essential goods amid recent protests, Iranian President Masoud Pezeshkian said in a televised interview on Sunday.

In the city of Karaj, northwest of the capital Tehran, daily life has largely continued as normal. A video filmed by a local resident on Sunday shows food stores open and grocery shelves fully stocked.

"This is the block near my home, and there are some food stores here. Daily life continues here. Last night we did not see many protests in Karaj. Right now the city is very safe. This is a grocery store close to my home. All the food is available; nothing is in shortage. Here are noodles and different types of beans. Here are dairy products, cheese, and yogurt. I also checked other grocery stores and didn't see any shortages. Everything is available," said local resident Ali Reza.

Iranian officials have described recent disturbances as acts orchestrated by the "enemy," including some carried out by well-trained and armed "terrorists." The incidents have caused casualties among security personnel and civilians, as well as property damage.

The Secretary of Iran's Supreme National Security Council Ali Larijani has directed authorities to severely punish the "terrorists."

Meanwhile, Iran's police chief Ahmad-Reza Radan said on Sunday that the police had raised alert levels and arrested several leaders of the troublemakers during the operations on Saturday.

President Pezeshkian noted in the interview that the normal demands of the Iranian people are reasonable and justified, but they must realize that triggering riots and carrying out terrorist acts are the enemy's attempts to undermine the country. He urged the public to remain vigilant.

Also on Sunday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that Tehran would regard U.S. and Israeli bases and facilities in the Middle East as "legitimate targets" if Washington takes military action against Iran. His remarks followed media reports saying U.S. President Donald Trump is "seriously considering authorizing a strike" against Iran.

Iranian state media reported that at least 109 members of Iran's security forces have been killed in clashes since the protests began 14 days ago. Meanwhile, human rights groups based outside the country said the number of protesters killed has exceeded 200, though the figure could not be independently verified.

The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and sanctions imposed by the United States.

Iranian president says government focusing on ensuring supplies amid protests