野村：中美贸易战显著降温。

Investment Rating - The report indicates a significant de-escalation in the US-China trade war, which may positively impact GDP growth forecasts for Q2 [1][2]. Core Insights - A joint statement from the US and China announced a substantial reduction in tariffs, with US tariffs on China decreasing from 145% to 30% for an initial period of 90 days, while China's tariffs on US goods will drop to slightly above 10% from about 125% [1][2]. - The report highlights that 91% of the tariffs will be removed by both sides by May 14, with an additional 24% suspended for 90 days [2]. - There is a consensus to address the fentanyl issue, with both countries committing to take aggressive actions to stem its flow from China to North America [3]. - China has agreed to suspend or remove non-tariff countermeasures against the US, which may include export controls on rare earth minerals [3][4]. Summary by Sections Tariff Changes - The US tariffs on China will be reduced to 30%, which includes a 20% tariff related to fentanyl and a 10% base reciprocal tariff [2]. - China's tariffs on US goods will be lowered to slightly above 10%, which includes a 10% retaliatory tariff to match the US base reciprocal tariffs [2]. Non-Tariff Measures - China will adopt necessary measures to suspend or remove non-tariff countermeasures taken against the US since April 2, including export controls on rare earth minerals [3][4]. - The report notes that seven rare earth minerals are under export controls, which are critical for various high-tech applications [4]. Export Control Lists - On April 4, China added 16 US entities to its Export Control List, prohibiting the export of dual-use items to them [5][9]. - Additionally, 11 US firms were placed on China's Unreliable Entity List, barring them from import and export dealings with China [8][10].