The China - US Geneva Economic and Trade Talks issued the "Joint Statement of the China - US Economic and Trade Talks in Geneva"

From May 10th to 11th, He Lifeng, the Chinese lead for China - US economic and trade affairs and Vice Premier of the State Council, held high - level China - US economic and trade talks with the US lead, US Treasury Secretary Bethune, and US Trade Representative Greer in Geneva, Switzerland. The two sides had candid, in - depth, and constructive communication around implementing the important common understandings reached in the phone call between the Chinese and US heads of state on January 17th this year, and reached a series of important common understandings in the economic and trade field. At 9:00 am local time on May 12th, the two sides issued the "Joint Statement of the China - US Economic and Trade Talks in Geneva".

Since April 2025, the US government has imposed "reciprocal tariffs" on China, and China has counteracted. Subsequently, the US side successively escalated the tariff measures, raising the "reciprocal tariffs" on Chinese goods from 34% in the first round to 84% and then to 125%. The joint statement reached in this round of talks is an important step for the two sides to resolve differences through equal - footed dialogue and consultation, laying a foundation and creating conditions for further bridging differences and deepening cooperation.

The two sides reached multiple positive common understandings in the joint statement. The two sides recognized the importance of bilateral economic and trade relations to the two countries and the global economy, as well as the importance of sustainable, long - term, and mutually beneficial bilateral economic and trade relations. In the spirit of mutual opening - up, continuous communication, cooperation, and mutual respect, they will continue to promote relevant work.

The two sides agreed to jointly take the following measures:
The US side promised to cancel a total of 91% of tariffs on Chinese goods imposed by Executive Order No. 14259 dated April 8, 2025, and Executive Order No. 14266 dated April 9, 2025, and modify the 34% "reciprocal tariffs" on Chinese goods imposed by Executive Order No. 14257 dated April 2, 2025. Among them, the imposition of 24% of the tariffs will be suspended for 90 days, and the remaining 10% of the tariffs will be retained. Correspondingly, the Chinese side will cancel a total of 91% of counter - tariffs on US goods; regarding the 34% counter - tariffs in response to the US "reciprocal tariffs", the imposition of 24% of the tariffs will be suspended for 90 days accordingly, and the remaining 10% of the tariffs will be retained. The Chinese side will also suspend or cancel relevant non - tariff counter - measures against the US accordingly.

The two sides unanimously agreed to establish a China - US economic and trade consultation mechanism to maintain close communication on respective concerns in the economic and trade field and carry out further consultations. The two sides will conduct consultations alternately in China and the US on a regular or irregular basis, or in a third country agreed upon by both sides. According to needs, the two sides can carry out working - level consultations on relevant economic and trade issues.