🇨🇳🇺🇸Joint Statement on China-U.S. Economic and Trade Relations (May 2025)

📍China and the United States issued a joint statement after the economic and trade meeting in Geneva, affirming their commitment to improving bilateral relations based on the principles of mutual respect and cooperation.

🔁Main commitments (effective before May 14, 2025):

🇨🇳The Chinese side commits to:

Temporarily suspend 24% additional tariffs on U.S. goods under Notice No. 4 of 2025 for 90 days, retaining the remaining 10% tariff.

Remove the additional tariffs under Notices No. 5 and No. 6 of 2025.

Eliminate all non-tariff measures applied to the United States since April 2, 2025.

🇺🇸The U.S. side commits to:

Temporarily suspend 24% additional tariffs on Chinese goods (including Hong Kong and Macau) under Executive Order No. 14257 (April 2, 2025) for 90 days, but retain the remaining 10% tariff.

However, the U.S. will still impose an additional 20% tariff on Chinese goods related to fentanyl trafficking, raising the total tariff to 30% on affected items.

Remove the additional tariffs under Executive Order No. 14259 (April 8, 2025) and Executive Order No. 14266 (April 9, 2025).

🔄Subsequent cooperation mechanism:

The two sides will establish a regular dialogue mechanism on trade and economics.

Chinese representative: Vice Premier He Lifeng

U.S. representatives: Secretary of the Treasury Scott Bessent and Trade Representative Jamieson Greer

Meetings will be held alternately in China, the United States, or a third country as agreed.

Expert-level consultations will be held as needed to address specific economic and trade issues.