On May 12, 2025, the United States and China announced a joint statement following their economic and trade meeting in Geneva. Both sides recognized the importance of their bilateral economic and trade relationship for their respective countries and the global economy, as well as the need for a sustainable, long-term, and mutually beneficial partnership.
According to the statement, by May 14, 2025, the United States will modify the application of the additional ad valorem rate of duty on articles from China, including those from the Hong Kong and Macau Special Administrative Regions.
The U.S. will suspend 24 percentage points of the current tariff for an initial period of 90 days, retaining the remaining 10 percent duty.
Additionally, the United States will remove the modified additional ad valorem rates imposed under Executive Orders 14259 of April 8, 2025, and 14266 of April 9, 2025.
China will reciprocate by modifying the application of its additional ad valorem duty on U.S. goods as set forth in Announcement No. 4 of the Customs Tariff Commission of the State Council for 2025.
China will suspend 24 percentage points of the tariff for 90 days while retaining the 10 percent duty, and will remove the rates imposed under Announcements No. 5 and No. 6 of 2025.
China will also suspend or remove non-tariff countermeasures introduced since April 2, 2025.
Following these actions, the two countries will establish a mechanism for ongoing discussions on economic and trade relations.
China's representative will be He Lifeng, Vice Premier of the State Council. The U.S. will be represented by Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative.
These meetings may occur alternately in China, the United States, or a mutually agreed third country, with working-level consultations as needed.