Xinhua News Agency

Geneva, May 12th – Joint Statement of the China-US Economic and Trade Talks in Geneva

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 economies of the two countries and the global economy;

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

In view of the recent discussions between the two sides, believe that continuous consultations will help to address the issues of concern in the economic and trade field between the two sides;

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

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

The United States will (1) 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 stipulated in Executive Order No. 14257 dated April 2, 2025. Among them, the 24% tariff will be suspended for the initial 90 days, and the remaining 10% tariff on these goods as stipulated in the Executive Order will be retained; (2) cancel the tariffs imposed on these goods according to Executive Order No. 14259 dated April 8, 2025 and Executive Order No. 14266 dated April 9, 2025.

China will (1) correspondingly modify the ad valorem tariffs imposed on US goods as specified in Tariff Commission Announcement No. 4 of 2025. Among them, the 24% tariff will be suspended for the initial 90 days, and the remaining 10% tariff on these goods will be retained, and the tariffs imposed on these goods according to Tariff Commission Announcement No. 5 and No. 6 of 2025 will be cancelled; (2) take necessary measures to suspend or cancel the non-tariff countermeasures against the United States 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. (End)