125% → 10%, 24% tariff suspended for 90 days: China begins to adjust tariffs on US goods

Starting at 12:01 PM today (May 14), China began implementing adjustments to the tariff hikes on imported goods originating from the US.The relevant matters are as follows:

1. Adjust the tariff hike rates specified in the "Announcement of the Customs Tariff Commission of the State Council on Imposing Additional Tariffs on Imported Goods Originating from the US" (Announcement No. 4 of 2025 by the Customs Tariff Commission of the State Council),reducing them from 34% to 10%, and suspending the implementation of the 24% tariff hike on US imports for 90 days.

2. Cease the implementation of the tariff hike measures specified inthe "Announcement of the Customs Tariff Commission of the State Council on Adjusting the Measures for Imposing Additional Tariffs on Imported Goods Originating from the US" (Announcement No. 5 of 2025 by the Customs Tariff Commission of the State Council) and the "Announcement of the Customs Tariff Commission of the State Council on Adjusting the Measures for Imposing Additional Tariffs on Imported Goods Originating from the US"(Announcement No. 6 of 2025 by the Customs Tariff Commission of the State Council).

Spokesperson for the Ministry of Commerce Issues Statement on the Joint Statement of the China-US Geneva Economic and Trade Talks

The spokesperson for the Ministry of Commerce stated that substantial progress was made in the high-level China-US economic and trade talks, with a significant reduction in bilateral tariff levels.The US side canceled tariff hikes totaling 91%, and China correspondingly canceled 91% of its retaliatory tariffs; the US side suspended the implementation of a 24% "reciprocal tariff," and China also correspondingly suspended the implementation of a 24% retaliatory tariff.

This move aligns with the expectations of producers and consumers in both countries, as well as with the interests of both countries and the common interests of the world. It is hoped that the US side will, based on this round of talks, continue to work with China in the same direction, thoroughly correct the erroneous practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, and maintain the healthy, stable, and sustainable development of China-US economic and trade relations, jointly injecting more certainty and stability into the global economy.