In the spirit of mutual openness, ongoing communication, cooperation, and mutual respect, China and the United States commit to take the following tariff measures by May 14, 2025.
Importance of bilateral economic and trade relations
Geneva, May 12 (Xinhua) - The Government of the People's Republic of China ("China") and the Government of the United States of America ("the United States"),
Recognize the importance of bilateral economic and trade relations to the economies of both countries and the global economy;
Recognize the importance of sustainable, long-term, and mutually beneficial bilateral economic and trade relations;
In light of recent discussions between the two sides, believe that continued consultations will help resolve issues of concern to both sides in the economic and trade fields;
Continue to advance relevant work in the spirit of mutual openness, continuous communication, cooperation and mutual respect;
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The two sides commit to take the following measures by May 14, 2025:
For The United States
The United States will amend the additional ad valorem tariffs on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as provided for in Executive Order No. 14257 of April 2, 2025, of which the 24% tariff will be suspended for an initial 90 days, while retaining the remaining 10% tariff on these goods as provided for in that Executive Order;
Cancel the additional tariffs on these goods imposed pursuant to Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025.
For China
China will accordingly amend the additional ad valorem tariffs on U.S. goods as provided for in Tax Commission Announcement No. 4 of 2025, of which the 24% tariff will be suspended for an initial 90 days, while retaining the remaining 10% tariff on these goods, and cancel the additional tariffs on these goods pursuant to Tax Commission Announcements No. 5 and No. 6 of 2025;
Take necessary measures to suspend or cancel the non-tariff countermeasures against the United States from April 2, 2025.
After taking the above measures, the two sides will establish a mechanism to continue consultations on economic and trade relations. The Chinese representative is Vice Premier He Lifeng, and the US representative is Treasury Secretary Scott Bessant and US Trade Representative Jamison Greer. The consultations can be held in China, the United States, or a third country agreed by both parties. As needed, the two sides can conduct working-level consultations on relevant economic and trade issues.
To sum it up in one sentence, before May 14, China's tariff on US goods will be reduced from 125% to 10% for 90 days; the US tariff on Chinese goods will be reduced from 145% to 30% for 90 days.
Source: https://www.esmchina.com/news/13073.html
