Xinhua News Agency, Beijing, May 12. From May 10 to 11 local time, China-US economic and trade leaders, Vice Premier of the State Council, He Lifeng, led by the US economy and trade leaders, US Treasury Secretary Becent and Trade Representative Greer held high-level economic and trade talks between China and the US economy and trade in Geneva, Switzerland. The two sides conducted candid, in-depth and constructive communication on the implementation of the important consensus reached by the heads of China and the US dollar on January 17 this year, and reached a series of important consensuses in the field of economic and trade. At 9:00 am local time on May 12, the two sides issued the "Joint Statement on Economic and Trade Talks between China and the United States". A spokesperson for the Ministry of Commerce made a speech on this.

  Since April 2025, the US government has imposed so-called "reciprocal tariffs" on China on the basis of the previous unilateral tariffs, and China has resolutely and legitimately countered. Subsequently, the US side successively upgraded its tariff measures, increasing the "reciprocal tariff" rate against China from 34% in the first round to 84% and 125%. The high tariffs of the United States seriously damage the normal bilateral economic and trade exchanges and seriously undermine the international economic and trade order. The meeting reached a joint statement, which is an important step taken by the two 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 a number of positive consensus in the joint statement. The two sides recognize the importance of bilateral economic and trade relations to the two countries and the global economy, recognize the importance of sustainable, long-term and mutually beneficial bilateral economic and trade relations, and continue to promote related work in the spirit of mutual openness, continuous communication, cooperation and mutual respect. Both parties agree to jointly take the following measures:

  The US promises to cancel the total 91% tariff imposed on Chinese goods under Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025, and amend the 34% tariff imposed on Chinese goods by Executive Order No. 14257 of April 2, 2025, of which 24% of the tariffs are suspended for 90 days, and the remaining 10% tariffs are retained. Correspondingly, China canceled a total of 91% counter-tariffs imposed on US goods; for the 34% counter-tariffs of the US reciprocal tariff, it suspended 24% of the tariffs for 90 days, and the remaining 10% of the tariffs will be retained. China also suspends or cancels non-tariff countermeasures against the United States accordingly.

  The two sides agreed to establish a China-US economic and trade consultation mechanism, maintain close communication on their respective concerns in the economic and trade fields, and carry out further consultations. The Chinese representative is Vice Premier He Lifeng, while the US representative is Finance Minister Becent and Trade Representative Greer. The two sides will take turns to conduct consultations in China and the United States on a regular or irregular basis, or in an agreed third country. As needed, the two sides can conduct work-level consultations on relevant economic and trade issues.

  The high-level economic and trade talks between China and the United States have made substantial progress, significantly lowering the level of bilateral tariffs. The United States has canceled a total of 91% of the additional tariffs, and China has correspondingly canceled 91% of the counter-tariffs; the United States has suspended the implementation of 24% of the "reciprocal tariffs", and China has also suspended the implementation of 24% of the counter-tariffs. This move is in line with the expectations of producers and consumers in both countries, and also in line with the interests of both countries and the common interests of the world. We hope that the US will continue to move with China based on this talks, thoroughly correct the wrong practices of unilateral tax increase, continuously strengthen mutually beneficial cooperation, maintain the healthy, stable and sustainable development of China-US economic and trade relations, and jointly inject more certainty and stability into the world economy.

[Editor in charge: Qiu Lifang]