Spokesperson of the Ministry of Commerce Issues Statement on the Joint Statement of the China-U.S. Geneva Economic and Trade Talks

According to the website of the Ministry of Commerce, from May 10 to 11 local time, He Lifeng, the Chinese head of the China-US economic and trade talks and Vice Premier of the State Council, held high-level economic and trade talks with Beth Sant, the US head of the talks and US Treasury Secretary, and Katherine Tai, the US Trade Representative, in Geneva, Switzerland. The two sides engaged in candid, in-depth, and constructive discussions on implementing the important consensus reached during the phone call between the Chinese and US presidents on January 17 this year, and reached a series of important consensus in the economic and trade fields. At 9:00 a.m. on May 12 local time, the two sides issued the Joint Statement on China-US Economic and Trade Talks in Geneva. A spokesperson for the Ministry of Commerce made a statement on this matter.

Since April 2025, the US government has imposed so-called "reciprocal tariffs" on China on top of its previous unilateral tariff hikes. China has taken resolute and legitimate countermeasures in response. Subsequently, the US has escalated its tariff measures in rounds, raising the tariff rate on China's "reciprocal tariffs" from 34% in the first round to 84% and then to 125%. The US's hefty tariffs have severely damaged normal bilateral economic and trade exchanges and seriously disrupted the international economic and trade order. The joint statement reached in this round of talks is an important step forward for the two sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.

The two sides reached multiple positive consensus in the joint statement. Both sides recognized the importance of bilateral economic and trade relations to the two countries and the global economy, as well as the importance of sustainable, long-term, and mutually beneficial bilateral economic and trade relations. In the spirit of mutual openness, continuous communication, cooperation, and mutual respect, they will continue to advance relevant work. The two sides agreed to jointly take the following measures:

The US committed to canceling the total 91% tariffs imposed on Chinese goods under Executive Order 14259 of April 8, 2025, and Executive Order 14266 of April 9, 2025, and to modifying the 34% reciprocal tariffs imposed on Chinese goods under Executive Order 14257 of April 2, 2025. Among these, the imposition of 24% tariffs will be suspended for 90 days, while the remaining 10% tariffs will be retained. Correspondingly, China will cancel the total 91% countervailing tariffs imposed on US goods. In response to the 34% countervailing tariffs imposed on US reciprocal tariffs, China will suspend the imposition of 24% tariffs for 90 days, while retaining the remaining 10% tariffs. China will also correspondingly suspend or cancel non-tariff countervailing measures against the US.

The two sides agreed to establish a China-US economic and trade consultation mechanism to maintain close communication on their respective concerns in the economic and trade fields and conduct further consultations. The Chinese representative is Vice Premier of the State Council He Lifeng, and the US representatives are Treasury Secretary Beth Sant and Trade Representative Katherine Tai. The two sides will take turns to hold consultations in China, the US, or an agreed third country on a regular or irregular basis.The two sides may hold working-level consultations on relevant economic and trade issues as needed.

Substantial progress was made in this round of high-level economic and trade talks between China and the United States, with a significant reduction in bilateral tariff levels. The United States has removed additional tariffs on a total of 91% of Chinese goods, and China has correspondingly removed retaliatory tariffs on 91% of U.S. goods. The United States has suspended the implementation of 24% of "reciprocal tariffs," and China has also correspondingly suspended the implementation of 24% of retaliatory tariffs. This move meets the expectations of producers and consumers in both countries, as well as the interests of both countries and the common interests of the world. It is hoped that the United States will, based on this round of talks, continue to work with China in the same direction, thoroughly correct the erroneous practice of unilateral tariff hikes, continuously strengthen mutually beneficial cooperation, and maintain the healthy, stable, and sustainable development of China-U.S. economic and trade relations, jointly injecting more certainty and stability into the global economy.