From May 10th to 11th local time, He Lifeng, China's lead representative for economic and trade affairs and Vice Premier of the State Council, held high-level economic and trade talks with U.S. Treasury Secretary Bethent and U.S. Trade Representative Greer in Geneva, Switzerland. The two sides had candid, in-depth, and constructive communications around implementing the important consensus from the January 17th telephone conversation between the Chinese and U.S. heads of state, reaching a series of key agreements in the economic and trade field. At 9:00 a.m. local time on May 12th, the two sides released the *China-U.S. Geneva Economic and Trade Talks Joint Statement*. A spokesperson for the Ministry of Commerce made remarks on this.
Image Source：699pic.com
Since April 2025, the U.S. government has imposed so-called "reciprocal tariffs" on China in addition to its previous unilateral tariff hikes, to which China has resolutely and justly countered. Subsequently, the U.S. repeatedly escalated tariff measures, increasing the "reciprocal tariff" rate on China from 34% in the first round to 84% and then 125%. The U.S.’s high tariffs have seriously damaged normal bilateral economic and trade exchanges and severely disrupted the international economic and trade order. The joint statement reached in these talks represents an important step for both 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 consensuses in the joint statement. Both sides recognize the importance of bilateral economic and trade relations to the economies of the two countries and the world, as well as the significance of a sustainable, long-term, and mutually beneficial bilateral economic and trade relationship. They will continue to advance relevant work in the spirit of mutual openness, continuous communication, cooperation, and mutual respect. The two sides agree to jointly take the following measures:
The U.S. commits to canceling a total of 91% of the tariffs imposed on Chinese goods under Executive Order No. 14259, dated April 8, 2025, and Executive Order No. 14266 dated April 9, 2025. It will modify the 34% reciprocal tariff on Chinese goods under Executive Order No. 14257, dated April 2, 2025, suspending the imposition of 24% of these tariffs for 90 days and retaining the remaining 10%. Correspondingly, China will cancel a total of 91% of the countermeasures tariffs imposed on U.S. goods; regarding the 34% countermeasures tariffs against U.S. reciprocal tariffs, it will correspondingly suspend 24% of these tariffs for 90 days and retain the remaining 10%. China will also correspondingly suspend or cancel non-tariff countermeasures against the U.S.
Both sides unanimously agree to establish a China-U.S. economic and trade consultation mechanism to maintain close communication on respective concerns in the economic and trade field and carry out further consultations. The Chinese representative will be Vice Premier He Lifeng, and the U.S. representatives will be Treasury Secretary Bethent and Trade Representative Greer. The two sides will hold consultations periodically or aperiodically in rotation in China, the U.S., or a third country as agreed. As needed, the two sides may conduct working-level consultations on relevant economic and trade issues.
The high-level China-U.S. economic and trade talks have achieved substantive progress, significantly reducing bilateral tariff levels. The U.S. has canceled a total of 91% of the additional tariffs, and China has correspondingly canceled 91% of the countermeasures tariffs; the U.S. has suspended the implementation of 24% of the "reciprocal tariffs," and China has correspondingly suspended the implementation of 24% of the countermeasures tariffs. This move meets the expectations of producers and consumers in both countries and serves the interests of both nations and the common interests of the world. It is hoped that based on these talks, the U.S. will continue to work with China in the same direction, thoroughly correct the erroneous practice of unilateral tariff hikes, continuously strengthen mutually beneficial cooperation, safeguard the healthy, stable, and sustainable development of China-U.S. economic and trade relations, and jointly inject more certainty and stability into the global economy.
