The US and China released a joint statement from the China-U.S. economic and trade talks in Geneva. The spokesman of the Ministry of Commerce of the People's Republic of China (MOFCOM) made a statement in this regard.

Since April 2025, the US government imposed the so-called “reciprocal tariffs” on China on top of the previous unilateral tariff hikes, while China firmly and appropriately countered them.

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Subsequently, the US escalated its tariff measures in turn, raising the rate of “reciprocal tariffs” on China from 34% in the first round to 84% and 125%. The high US tariffs seriously jeopardized normal bilateral economic and trade exchanges, and seriously damaged the international economic and trade order.

The joint statement reached at this meeting is an important step for both sides to resolve their divergence through equal dialogue and consultation, laying the foundation and creating the conditions for further bridging of divergences and deeper cooperation.

The two sides reached a number of positive consensus in the joint statement. Recognizing the importance of bilateral economic and trade relations to the two countries and to the global economy, and recognizing the importance of sustainable, long-term and mutually beneficial bilateral economic and trade relations, the two sides will continue to advance the relevant work in the spirit of mutual openness, continuous communication, cooperation and mutual respect. The two sides agreed to jointly take the following measures.

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The US undertook to eliminate 91% of the additional 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 modify 34% of the additional reciprocal tariffs imposed on Chinese goods under Executive Order No. 14257, dated April 2, 2025, with 24% of the tariffs suspended for 90 days and the remaining 10% of the tariffs retained.

Accordingly, China canceled 91% of the retaliatory tariffs on US goods, suspended 24% of the 34% retaliatory tariffs on US' reciprocal tariffs for 90 days, and retained the remaining 10% tariffs. China also suspended or canceled its non-tariff retaliatory measures against the US accordingly.