The United States and China have issued a joint statement following their recent economic and trade discussions in Geneva. The statement emphasizes the significance of their bilateral economic relationship and its impact on the global economy. Both nations expressed a commitment to fostering a sustainable, long-term, and mutually beneficial relationship.
As part of their agreement, both countries will take specific actions by May 14, 2025. The United States plans to modify additional duties on Chinese articles, including those from Hong Kong and Macau. This involves suspending 24 percentage points of the current duty rate for an initial period of 90 days while maintaining a remaining rate of 10 percent as outlined in Executive Order 14257. Additionally, certain modified duty rates imposed by Executive Orders 14259 and 14266 will be removed.
China has agreed to similar measures regarding U.S. goods. They will suspend 24 percentage points of the duty rate on American products for an initial period of 90 days while retaining a remaining rate of 10 percent as per Announcement No. 4 of the Customs Tariff Commission of the State Council for this year. Moreover, China will remove certain modified duty rates imposed by subsequent announcements and adopt necessary administrative measures to suspend or remove non-tariff countermeasures against the U.S.
Following these steps, both parties intend to establish a mechanism for ongoing discussions about economic and trade relations. China's representative for these talks will be He Lifeng, Vice Premier of the State Council. Representing the U.S. side are Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These meetings may occur alternately in China or the U.S., or potentially in another country if agreed upon by both parties.
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