Joint Statement on China-U.S. Economic and Trade Meeting in Geneva
China and the United States outline mutual actions to enhance economic and trade relations through a joint statement released in Geneva.
On Monday, the Governments of the People's Republic of China and the United States issued a joint statement outlining their commitments to strengthen the bilateral economic and trade relationship, underlining its significance for both nations and the global economy.
The statement emphasizes the need for a sustainable, long-term, and mutually beneficial economic and trade relationship between the two countries.
In recognizing the importance of ongoing dialogue, the joint statement expresses confidence that continued discussions have the potential to address mutual concerns arising in their economic interactions.
In a significant development, both countries have pledged to take specific actions by May 14, 2025. The United States will amend the application of additional ad valorem duties on goods from China, which include items from the Hong Kong and Macao Special Administrative Regions.
Specifically, the U.S. will suspend 24 percentage points of the additional duty for an initial period of 90 days, while retaining a 10 percent rate on the affected articles as stipulated in Executive Order 14257 issued on April 2, 2025. Additionally, the United States will remove duties imposed under subsequent Executive Orders 14259 and 14266.
In a reciprocal move, China will similarly modify its application of ad valorem duties on American goods as outlined in Announcement No. 4 of the Customs Tariff Commission of the State Council.
This adjustment will include a suspension of 24 percentage points of the existing rate for an initial 90 days while keeping a 10 percent tariff on those articles.
China will also eliminate the duties imposed by Announcements No. 5 and No. 6 of 2025. Furthermore, China is committed to implementing necessary administrative actions to suspend or remove non-tariff countermeasures taken against the United States since April 2, 2025.
Upon executing these commitments, both parties will establish a mechanism for continued discussions regarding their economic and trade relations.
The designated representatives for the discussions will include He Lifeng, Vice Premier of the State Council from China, Scott Bessent, Secretary of the Treasury, and Jamieson Greer, the United States Trade Representative.
Future meetings may occur alternately in China and the United States or potentially in a mutually agreed third country.
As needed, both sides may also engage in working-level consultations focused on relevant economic and trade issues.
The statement emphasizes the need for a sustainable, long-term, and mutually beneficial economic and trade relationship between the two countries.
In recognizing the importance of ongoing dialogue, the joint statement expresses confidence that continued discussions have the potential to address mutual concerns arising in their economic interactions.
In a significant development, both countries have pledged to take specific actions by May 14, 2025. The United States will amend the application of additional ad valorem duties on goods from China, which include items from the Hong Kong and Macao Special Administrative Regions.
Specifically, the U.S. will suspend 24 percentage points of the additional duty for an initial period of 90 days, while retaining a 10 percent rate on the affected articles as stipulated in Executive Order 14257 issued on April 2, 2025. Additionally, the United States will remove duties imposed under subsequent Executive Orders 14259 and 14266.
In a reciprocal move, China will similarly modify its application of ad valorem duties on American goods as outlined in Announcement No. 4 of the Customs Tariff Commission of the State Council.
This adjustment will include a suspension of 24 percentage points of the existing rate for an initial 90 days while keeping a 10 percent tariff on those articles.
China will also eliminate the duties imposed by Announcements No. 5 and No. 6 of 2025. Furthermore, China is committed to implementing necessary administrative actions to suspend or remove non-tariff countermeasures taken against the United States since April 2, 2025.
Upon executing these commitments, both parties will establish a mechanism for continued discussions regarding their economic and trade relations.
The designated representatives for the discussions will include He Lifeng, Vice Premier of the State Council from China, Scott Bessent, Secretary of the Treasury, and Jamieson Greer, the United States Trade Representative.
Future meetings may occur alternately in China and the United States or potentially in a mutually agreed third country.
As needed, both sides may also engage in working-level consultations focused on relevant economic and trade issues.
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