Overview

• President Trump declared he would no longer be “Mr. Nice Guy” after accusing China of violating the temporary deal to cut tariffs.
• The May agreement lowered U.S. duties from 145% to 30% and Chinese tariffs from 125% to 10% for 90 days to facilitate further negotiations.
• Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent say China has not lifted non-tariff barriers on critical minerals as promised.
• China has resumed some rare earth shipments but restricted volumes have fallen short of U.S. expectations.
• U.S. imports dropped nearly 20% in April, the largest monthly decline on record, underscoring the economic impact of the tariffs.