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CN-US Joint Statement Proposes Mutual Tariff Cut; Mechanism Established to Maintain Talks
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The Ministry of Commerce (MOC) of China released a joint statement from the China-U.S. economic and trade talks in Geneva. Both sides recognize the importance of bilateral economic and trade relations to their economies and the global economy, as well as the significance of sustainable, long-term and mutually beneficial bilateral trade relations. Following recent discussions, both parties believed continued negotiations will help address concerns in the economic and trade fields. In a spirit of mutual openness, ongoing communication, cooperation and respect, both sides will continue to advance related work. They committed to implementing the following measures by May 14, 2025. The U.S. will (1) amend Executive Order No. 14257, dated April 2, 2025, regarding ad valorem tariffs imposed on Chinese goods (including those from Hong Kong and Macau SARs). The 24% tariff will be suspended for an initial 90 days, while maintaining the remaining 10% tariff as stipulated in the order; and (2) cancel additional tariffs on these goods imposed under Executive Order No. 14259, dated April 8, 2025, and Executive Order No. 14266, dated April 9, 2025. China will (1) correspondingly amend the State Council Tariff Commission Announcement No. 4 of 2025 regarding ad valorem tariffs imposed on U.S. goods. The 24% tariff will be suspended for an initial 90 days, while maintaining the remaining 10% tariff, and cancel additional tariffs imposed under Tariff Commission Announcements No. 5 and No. 6 of 2025; and (2) take necessary measures to suspend or cancel non-tariff retaliatory measures against the U.S. implemented since April 2, 2025. Following these measures, both sides will establish a mechanism to continue negotiations on economic and trade relations. The Chinese representative is Vice Premier He Lifeng, and the U.S. representatives are Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. Negotiations may take place in China, the U.S., or a third country agreed upon by both parties. As needed, both sides may conduct working-level discussions on relevant trade issues. AAStocks Financial News |
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