On May 12, 2023, China and the United States jointly announced a significant agreement in Geneva, Switzerland, bringing a notable easing of the trade war that has persisted for several years. According to the 'Joint Statement of the China-U.S. Geneva Economic and Trade Talks,' both sides agreed to suspend some tariffs imposed on each other's goods for 90 days, with a total reduction exceeding 100%. This groundbreaking progress is of great significance, marking the first substantial easing of China-U.S. economic and trade relations through high-level dialogue since the trade war erupted in 2018, providing a strong boost to the global economic recovery.

The United States will suspend the 24% tariff on Chinese goods imposed by the executive order of April 2, 2025, retaining only the remaining 10% tariff, and will cancel the additional tariffs imposed by the two executive orders on April 8 and 9. China will also suspend the 24% counter-tariff on U.S. goods, retaining 10%, and will cancel previous non-tariff restrictions on U.S. agricultural products, automobiles, and other areas. In addition, both sides agreed to establish a mechanism for ongoing consultations, which may further adjust the remaining 10% tariff in the future.