The United States and China announced Monday a joint agreement to partially suspend tariffs and other trade countermeasures implemented since early April 2025, signaling a de-escalation in recent trade tensions and a commitment to renewed dialogue.
The agreement, detailed in a joint statement issued following economic and trade discussions in Geneva, calls for both nations to modify the application of additional duties on certain goods for an initial period of 90 days, effective by May 14, 2025.
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Under the terms of the statement, the United States will suspend 24 percentage points of the additional ad valorem duty rate imposed by Executive Order 14257 of April 2, 2025.
This leaves a remaining 10 percent ad valorem rate on affected articles from China, including those from the Hong Kong and Macau Special Administrative Regions. Furthermore, the U.S. will remove the modified additional duties introduced by Trump Executive Orders.
Mirroring these actions, China has committed to making equivalent adjustments.
This includes suspending 24 percentage points of the additional ad valorem rate set in “Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025,” retaining a 10 percent rate.
China will also remove the modified additional rates imposed by Announcements No. 5 and No. 6 of 2025.
China also agreed to adopt all necessary administrative measures to suspend or remove non-tariff countermeasures taken against the United States since April 2, 2025.
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The joint statement emphasizes both countries’ recognition of the importance of their bilateral economic and trade relationship to their own economies and the global economy, and the desire for a sustainable, long-term, and mutually beneficial relationship.
Following the implementation of these measures, the two nations will establish a mechanism for ongoing discussions on economic and trade relations. The lead representatives for these talks will be China’s Vice Premier of the State Council, He Lifeng, and from the U.S. side, Secretary of the Treasury Scott Bessent and United States Trade Representative Jamieson Greer.
These discussions are planned to take place alternately in China and the United States, or in a third country if mutually agreed upon. The agreement also allows for working-level consultations on specific economic and trade issues as needed.
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