Joint Statement of the China-US Economic and Trade Talks in Geneva

Geneva, May 12

The Government of the People's Republic of China ("China") and the Government of the United States of America ("the United States")

Recognizing the significance of the bilateral economic and trade relations for both countries and the global economy;

Recognizing the importance of a sustainable, long-term and mutually beneficial bilateral economic and trade relationship;

In light of the recent discussions between the two sides, believing that continuous consultations will help address the concerns of both sides in the economic and trade field;

In the spirit of mutual openness, continuous communication, cooperation and mutual respect, continuing to advance the relevant work;

Both sides commit to taking the following measures by May 14, 2025:

The United States will: (1) Amend the ad valorem tariffs imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as stipulated in Executive Order No. 14257 dated April 2, 2025. Specifically, the 24% tariffs will be suspended for an initial period of 90 days, while retaining the 10% tariffs imposed on these goods in accordance with the provisions of the said Executive Order; (2) Cancel the tariffs imposed on these goods in accordance with Executive Order No. 14259 dated April 8, 2025 and Executive Order No. 14266 dated April 9, 2025.

China will: (1) Correspondingly amend the ad valorem tariffs imposed on US goods as specified in Announcement No. 4 of the Tariff Commission in 2025. Specifically, the 24% tariffs will be suspended for an initial period of 90 days, while retaining the 10% tariffs imposed on these goods, and cancel the tariffs imposed on these goods in accordance with Announcement No. 5 and Announcement No. 6 of the Tariff Commission in 2025; (2) Take necessary measures to suspend or cancel the non-tariff countermeasures against the United States that have been in effect since April 2, 2025.

After taking the above measures, both sides will establish a mechanism to continue consultations on economic and trade relations. The Chinese representative is Vice Premier He Lifeng of the State Council, and the US representatives are Treasury Secretary Scott Bessent and US Trade Representative Jamison Greer. The consultations can be held in China, the United States, or a third country agreed upon by both sides. As needed, both sides can conduct working-level consultations on relevant economic and trade issues.

Source: Xinhua News Agency