Since April 2025, the U.S. government has imposed additional so-called 'reciprocal tariffs' on China on top of its previous unilateral tariff increases, to which China has responded with firm and justified countermeasures. Subsequently, the U.S. escalated its tariff measures, raising the 'reciprocal tariff' rate on China from an initial 34% to 84% and then to 125%. These high tariffs from the U.S. seriously damage normal bilateral economic and trade exchanges and severely disrupt the international economic and trade order. The recent talks resulted in a joint statement, marking an important step taken by both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging of differences and deepening cooperation.
Both sides reached multiple positive consensuses in the joint statement. Both parties recognize the importance of the bilateral economic and trade relationship to both countries and the global economy, and the importance of a sustainable, long-term, and mutually beneficial bilateral economic and trade relationship. Following 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. has committed to canceling a total of 91% of the tariffs imposed on Chinese goods based on Administrative Orders No. 14259 issued on April 8, 2025, and No. 14266 issued on April 9, 2025, and to amending the 34% reciprocal tariff imposed on Chinese goods according to Administrative Order No. 14257 issued on April 2, 2025, of which 24% of the tariffs will be suspended for 90 days, retaining the remaining 10%. Correspondingly, China cancels 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%. China will also correspondingly suspend or cancel non-tariff countermeasures against the U.S.
This high-level economic and trade dialogue between China and the U.S. has made substantial progress, significantly reducing the bilateral tariff levels. The U.S. has canceled a total of 91% of the additional 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 correspondingly suspended the implementation of 24% of the counter-tariffs. This measure 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. It is hoped that the U.S. will use this meeting as a basis to continue to move toward China, completely correct the erroneous practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, and maintain a healthy, stable, and sustainable development of China-U.S. economic and trade relations, injecting more certainty and stability into the world economy.
