The spokesperson of the Ministry of Commerce comments on the joint statement of the China-U.S. Geneva economic and trade talks
The high-level economic and trade talks between China and the United States have made substantial progress, with both sides significantly reducing bilateral tariffs. The U.S. has canceled 91% of the additional tariffs, while China has correspondingly canceled 91% of the counter-tariffs and suspended the implementation of the 24% "reciprocal tariffs." This move aligns with the interests of both countries and the global community. We look forward to continued cooperation between the U.S. and China to maintain a healthy and stable economic and trade relationship, injecting more certainty and stability into the world economy
From May 10 to 11 local time, the Chinese lead in the China-U.S. economic and trade talks, Vice Premier He Lifeng, met with the U.S. lead, Treasury Secretary Janet Yellen and Trade Representative Katherine Tai, in Geneva, Switzerland. The two sides had candid, in-depth, and constructive communication regarding the implementation of the important consensus reached during the phone call between the leaders of China and the U.S. on January 17 this year, and reached a series of important agreements in the economic and trade fields. On May 12 at 9:00 AM local time, both sides issued a joint statement on the China-U.S. Geneva economic and trade talks. A spokesperson for the Ministry of Commerce made a statement on this.
Since April 2025, the U.S. government has imposed so-called "reciprocal tariffs" on China based on previous unilateral tariff increases, to which China has responded firmly and justly. Subsequently, the U.S. escalated tariff measures in succession, raising the "reciprocal tariff" rate on China from the first round of 34% to 84% and then to 125%. The high tariffs imposed by the U.S. severely damage normal bilateral economic and trade exchanges and seriously disrupt the international economic and trade order. The joint statement reached during this meeting is an important step for both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.
The two sides reached several positive agreements in the joint statement. Both sides recognize the importance of the bilateral economic and trade relationship to both countries and the global economy, and the significance of a sustainable, long-term, and mutually beneficial bilateral economic and trade relationship. In the spirit of mutual openness, continuous communication, cooperation, and mutual respect, they will continue to advance relevant work. Both sides agreed to jointly take the following measures:
The U.S. side committed to canceling a total of 91% of the tariffs imposed on Chinese goods under Executive Order No. 14259 dated April 8, 2025, and Executive Order No. 14266 dated April 9, 2025, and to modifying the 34% reciprocal tariff imposed on Chinese goods under Executive Order No. 14257 dated April 2, 2025, with 24% of the tariff suspended for 90 days, while retaining the remaining 10% of the tariff. Correspondingly, the Chinese side will cancel a total of 91% of the counter-tariffs imposed on U.S. goods; regarding the 34% counter-tariff on U.S. reciprocal tariffs, it will suspend 24% of the tariffs for 90 days, retaining the remaining 10%. The Chinese side will also suspend or cancel non-tariff countermeasures against the U.S. accordingly.
Both sides unanimously agreed to establish a China-U.S. economic and trade consultation mechanism to maintain close communication on each other's concerns in the economic and trade fields and to conduct further consultations. The Chinese representative is Vice Premier He Lifeng, while the U.S. representatives are Treasury Secretary Janet Yellen and Trade Representative Katherine Tai. The two sides will regularly or irregularly take turns holding consultations in China, the U.S., or in a mutually agreed third country. As needed, both sides may conduct working-level consultations on relevant economic and trade issues.
This high-level China-U.S. economic and trade meeting has made substantial progress, significantly reducing bilateral tariff levels. The U.S. has canceled a total of 91% of the increased tariffs, and China has correspondingly canceled 91% of the counter-tariffs; the U.S. has suspended the implementation of 24% of the "reciprocal tariffs," and China has also suspended the implementation of 24% of the counter-tariffs accordingly. This move meets the expectations of producers and consumers in both countries and aligns with the interests of both countries and the common interests of the world We hope that the U.S. side will use this meeting as a basis to continue moving towards the Chinese side, thoroughly correct the erroneous practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, maintain the healthy, stable, and sustainable development of China-U.S. economic and trade relations, and jointly inject more certainty and stability into the world economy.
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