The United States and China have issued a joint statement following their recent economic and trade meeting in Geneva. Both countries emphasized the significance of their bilateral economic relationship, which impacts not only their own economies but also the global market.
The statement highlighted the importance of maintaining a sustainable and mutually beneficial economic partnership. It noted that ongoing discussions could potentially address existing concerns in their trade relations. The parties expressed a commitment to mutual openness, communication, cooperation, and respect.
By May 14, 2025, both nations agreed to take specific actions regarding tariffs. The United States will modify its additional ad valorem rate of duty on Chinese articles by suspending 24 percentage points for an initial period of 90 days while retaining a 10 percent rate. This adjustment applies to goods from China, including those from Hong Kong and Macau. Additionally, the U.S. will remove modified rates imposed by previous executive orders.
China will reciprocate by adjusting its additional ad valorem rate on U.S. goods similarly and will suspend or remove non-tariff countermeasures taken against the U.S. since April 2, 2025.
Following these actions, both countries plan to establish a mechanism for continued dialogue on economic and trade matters. China's representative for these discussions will be He Lifeng, Vice Premier of the State Council. Representing the United States will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions may occur alternately in China or the U.S., or in a third country if agreed upon by both parties.