The United States Customs and Border Protection -- the largest federal law enforcement agency within the Department of Homeland Security -- announced that it will stop collecting tariffs imposed under the International Emergency Economic Powers Act, effective Tuesday, amid a record-high trade deficit in goods.
The U.S. posted a record 1.24 trillion U.S. dollar trade deficit in goods in 2025, up 2.1 percent from the previous year, according to data released last week by the U.S. Bureau of Economic Analysis.
Statistics show that the United States' annual exports and imports of goods stood at 2.19 trillion dollars and 3.43 trillion dollars in 2025.
The U.S. goods trade deficit with Mexico widened by over 25 billion U.S. dollars to nearly 197 billion U.S. dollars, and its trade deficit with Vietnam jumped by nearly 55 billion U.S. dollars to over 178 billion U.S. dollars.
Data show President Donald Trump's second-term tariff strategy pushed average U.S. tariff rates to 13.6 percent, a level not seen since the 1940s.
U.S. to suspend tariffs under IEEPA amid record-high trade deficit
U.S. to suspend tariffs under IEEPA amid record-high trade deficit
U.S. to suspend tariffs under IEEPA amid record-high trade deficit
The year 2026 marks the 65th anniversary of diplomatic relations between China and Laos as well as the Year of China-Laos Friendship, presenting important opportunities for the development of bilateral relations, Chinese Foreign Minister Wang Yi said on Tuesday.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lao Deputy Prime Minister Saleumxay Kommasith, who is visiting China as special envoy of Thongloun Sisoulith, general secretary of the Lao People's Revolutionary Party (LPRP) Central Committee and president of Laos.
Wang welcomed Saleumxay to visit China, saying the visit fully reflects the high level of the China-Laos community with a shared future and will further enhance the strategic mutual trust between the two sides.
Wang called on both sides to strengthen inter-governmental institutional dialogues, enhance the quality and efficiency of China-Laos railway connectivity, jointly build an upgraded version of the China-Laos Economic Corridor, and deliver more tangible outcomes in advancing regional connectivity.
China will leverage its strengths to align development strategies with Laos, boost whole-industry-chain cooperation in minerals, electricity and other sectors, deepen human resources development, and support Laos in economic transformation and industrial growth, he said.
Saleumxay, also a member of the Political Bureau of the LPRP Central Committee, said Laos is willing to maintain close high-level exchanges with China, jointly hold successful celebration activities for the 65th anniversary of diplomatic relations, and deepen cooperation in areas such as connectivity, energy and minerals.
Saleumxay expressed appreciation for China's stance and role in major international and regional affairs, saying Laos is ready to strengthen coordination and cooperation with China.
China-Laos ties face important opportunities in 2026: Chinese FM
