On May 12th, China and the United States issued a joint statement on the Geneva Economic and Trade Talks, announcing a general reduction in US tariffs on China, and the lithium battery industry may see a turning point in exports to the United States. According to this statement, the current US tariff on lithium-ion batteries for vehicles has been reduced to 58.4%, and the tariff on non automotive lithium-ion batteries has been reduced to approximately 41%.