On May 12, 2022, the United States and China jointly announced a significant agreement in Geneva, Switzerland, bringing a glimmer of hope for a notable easing of the trade war that has lasted for several years. According to the 'Joint Statement of the US-China Geneva Economic and Trade Talks', both sides agreed to suspend certain tariffs imposed on each other's goods for 90 days, with a total reduction exceeding 100%. This breakthrough is of great significance, marking the first substantial easing of US-China economic and trade relations through high-level dialogue since the trade war erupted in 2018, injecting a strong boost into the global economic recovery.

The United States will suspend the 24% tariff on Chinese goods imposed in the Executive Order dated April 2, 2025, retaining only the remaining 10% tariff and canceling the additional tariffs imposed in the Executive Orders dated April 8 and 9. China will also suspend the 24% counter-tariff on US goods, retaining 10%, while canceling previous non-tariff restrictions on US agricultural products, automobiles, and other sectors. In addition, both sides agreed to establish a mechanism for continuous consultation, potentially allowing for further adjustments to the remaining 10% tariff in the future.