[US to Significantly Reduce Tariffs on Chinese Lithium Batteries, Lithium Battery Industry Optimistic About Exports to the US] On May 12, China and the US issued a joint statement on the Geneva Economic and Trade Talks, announcing a general reduction in US tariffs on Chinese goods, potentially signaling a turning point for the lithium battery industry's exports to the US. Based on calculations from this statement, the current US tariff on Chinese automotive lithium batteries has been reduced to 58.4%, while the tariff on non-automotive lithium batteries has dropped to approximately 41%. "The (tariff) rate is lower than expected, which is a significant positive," multiple industry insiders from lithium battery companies told Caixin. US lithium battery products already have a base tariff of 3.4%. In August 2024, the US imposed an additional 25% tariff on Chinese automotive lithium batteries. If calculated based on the 145% tariff on China announced by the White House on April 10, prior to the joint statement, the cumulative import tariff on Chinese automotive lithium batteries reached as high as 173.4%, and the tariff on non-automotive lithium batteries was approximately 156%.