PANews reported on May 12 that according to the Information Office of the Ministry of Commerce, China and the United States issued a joint statement during the economic and trade talks in Geneva, and both sides pledged to take specific measures to ease economic and trade frictions before May 14, 2025.
China will adjust the additional ad valorem tariffs on US goods. Among them, 24% of the tariffs will be suspended for the first 90 days, while retaining the remaining 10% tariffs on these goods and canceling the relevant additional tariffs stipulated in the Tax Committee Announcement No. 5 and No. 6 of 2025. In addition, China will take necessary measures to suspend or cancel non-tariff countermeasures against the United States from April 2, 2025.
At the same time, the United States also promised to adjust its ad valorem tariff policy on Chinese goods by May 14, 2025. According to Executive Order No. 14257 of April 2, 2025, the United States will suspend the implementation of the 24% tariff for 90 days, but retain the remaining 10% tariff, and cancel the tariffs imposed on Chinese goods pursuant to Executive Orders No. 14259 of April 8, 2025 and No. 14266 of April 9, 2025.
