China and the United States cancel 91% tariffs and suspend 24% tariffs

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From May 10 to 11, high-level economic and trade talks between China and the United States were held in Geneva, Switzerland.

He Lifeng, the leader of China-US economic and trade, 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 high-level economic and trade talks between China-US economic and trade were frank, 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, a joint statement on the Sino-US economic and trade talks was released. The specific content is as follows:

Joint Statement on Economic and Trade Talks between China and the United States

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

Recognize the importance of bilateral economic and trade relations to both countries and the global economies;

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

In view of recent discussions between the two sides, it is believed that the ongoing consultation will help resolve issues of concern to both sides in the economic and trade field;

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

Both parties promise to take the following measures before May 14, 2025:

The United States will (i) amend the adjudication tariffs imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) stipulated in Executive Order No. 14257 of April 2, 2025. Among them, 24% of the tariffs will be suspended within the initial 90 days, and the remaining 10% tariffs will be imposed on these goods in accordance with the provisions of the Executive Order; (ii) cancel the additional tariffs imposed on these goods under Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025.

China will (I) modify the adjudication tariffs imposed on US goods as stipulated in the 2025 No. 4 of the Tax Commission Announcement. Among them, 24% of the tariffs will be suspended within the initial 90 days, while retaining the remaining 10% tariffs on these goods, and canceling the additional tariffs on these goods in accordance with the Tax Commission Announcement. (II) Taking necessary measures to suspend or cancel 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 to negotiate on economic and trade relations. Chinese representatives are Vice Premier He Lifeng, while US representatives are Treasury Secretary Scott Becent and US Trade Representative Jamison Greer. Negotiations can be conducted in China, the United States, or in a third country agreed upon by both parties. As needed, the two sides can conduct work-level consultations on relevant economic and trade issues.