Headlines

Retail Hails Cuts to US-China Tariffs

Temporary pause called “a critical first step” by NRF.

Published

9 months ago

May 12, 2025

PETS+ Staff

Best Buy, which imports a variety of electronics gear from China, is among the retailers that saw their stock rise on news of a temporary cut in the planned tariffs on such goods. PHOTO: BEST BUY

The U.S. and China agreed to temporarily cut tariffs in talks over the weekend, bringing the U.S. tariff rate on Chinese imports down to 30% and China’s duties on U.S. imports to 10%, report a variety of news sources.

Following disclosure of the agreement, the stocks of several retailers vulnerable to China tariffs soared in premarket trading on Monday (May 12), including RH, Best Buy and Five Below, reports CNBC.

Wall Street wasn’t the only institution cheered by the news; it was also welcomed by National Retail Federation.

“We applaud the U.S. and China for agreeing to a 90-day pause on the 125% reciprocal and retaliatory tariffs,” NRF President and CEO Matthew Shay said in a news release. “We are encouraged by these constructive negotiations, which provide for a significant de-escalation in the current trade relationship.

“This temporary pause is a critical first step to provide some short-term relief for retailers and other businesses that are in the midst of ordering merchandise for the winter holiday season. And over the long term, this lays the foundation for substantial progress in achieving truly fair and balanced trade relationships with both China and our other trade partners around the world.

“We urge the administration and our Chinese trade partners to continue discussions to address the ongoing issues, work to remove the remaining national security tariffs and provide long-term stability between the two largest global economies.”

PETS+ Staff

Since launching in 2017, PETS+ has won 24 major international journalism awards for its publication and website and was a finalist for Best Single Issue in the prestigious Neal Awards in both 2017 and 2024.

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