Big news! China and the United States have reached an important consensus on tariffs!
From May 10 to 11, the China-US high-level economic and trade talks were held in Geneva, Switzerland.
He Lifeng, the Chinese leader of the China-US economic and trade talks and Vice Premier of the State Council, said at a press conference held by the Chinese delegation on the evening of May 11 local time that the China-US high-level economic and trade talks were candid, in-depth and constructive, reached important consensus and made substantial progress. The two sides agreed to establish a China-US economic and trade consultation mechanism.
On May 12, the China-US Geneva Economic and Trade Talks Joint Statement was issued. The specific content is as follows:
China-US Geneva Economic and Trade Talks Joint Statement
The Government of the People's Republic of China ("China") and the Government of the United States of America ("the United States"),
Recognize the importance of bilateral economic and trade relations to the two countries and the global economy;
Recognize the importance of sustainable, long-term and mutually beneficial bilateral economic and trade relations;
In view of the recent discussions between the two sides, it is believed that continued consultations will help resolve the issues of concern to both sides in the economic and trade fields;
In the spirit of mutual openness, continuous communication, cooperation and mutual respect, continue to advance relevant work;
Both sides commit to The United States will take the following measures before May 14, 2025:
The United States will (i) modify the ad valorem tariffs imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as specified in Executive Order No. 14257 of April 2, 2025, of which 24% of the tariffs will be suspended for an initial 90 days, while retaining the remaining 10% tariff on these goods as specified in the Executive Order; (ii) cancel the additional tariffs on these goods pursuant to Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025.
China will (i) accordingly amend the additional ad valorem tariffs on U.S. goods as provided for in Tax Commission Announcement No. 4 of 2025, of which 24% of the tariffs will be suspended for the first 90 days, while retaining the remaining 10% of the tariffs on these goods, and canceling the additional tariffs on these goods pursuant to Tax Commission Announcements No. 5 and No. 6 of 2025; (ii) take necessary measures to suspend or cancel the non-tariff countermeasures against the United States from April 2, 2025.
After taking the above measures, the two sides will establish a mechanism to continue consultations on economic and trade relations. The Chinese representative is Vice Premier He Lifeng, and the U.S. representative is Secretary of the Treasury Scott Bessant and U.S. Trade Representative Jamison Greer. The consultations can be held in China, the United States, or a third country agreed by both parties. As needed, the two sides may conduct working-level consultations on relevant economic and trade issues.
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