Ministry of Commerce: China and the US each cancel 91% of tariffs, and each temporarily suspends 24%

Category:

Industry News

Author:

Source:

Release time:

2025-05-13

Visits:

From May 10th to 11th, the high-level China-US economic and trade talks were held in Geneva, Switzerland, between the Chinese lead negotiator, Vice Premier He Lifeng, and the US lead negotiators, Treasury Secretary Janet Yellen and Trade Representative Katherine Tai.

Since April 2025, in addition to the previously unilaterally imposed tariffs, the US government has imposed so-called "reciprocal tariffs" on China, prompting resolute and legitimate countermeasures from China. Subsequently, the US escalated tariff measures, raising the rate of "reciprocal tariffs" on China from an initial 34% to 84% and then 125%. The high US tariffs severely damaged normal bilateral trade and undermined the international economic and trade order. This meeting resulted in a joint statement, marking a significant step forward in resolving differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.

The Ministry of Commerce stated that both sides reached several positive consensuses in the joint statement, agreeing to take the following measures:

The US pledged to cancel a total of 91% of tariffs imposed on Chinese goods under Presidential Proclamation 14259 of April 8, 2025, and Presidential Proclamation 14266 of April 9, 2025; to modify the 34% reciprocal tariffs on Chinese goods imposed under Presidential Proclamation 14257 of April 2, 2025, suspending 24% of the tariffs for 90 days and retaining the remaining 10%. Correspondingly, China will cancel a total of 91% of retaliatory tariffs on US goods; for the 34% retaliatory tariffs against US reciprocal tariffs, it will suspend 24% for 90 days, retaining the remaining 10%. China will also suspend or cancel non-tariff retaliatory measures against the US.

The Ministry of Commerce stated that the high-level China-US economic and trade talks achieved substantial progress, significantly reducing bilateral tariff levels. The US canceled a total of 91% of additional tariffs, and China correspondingly canceled 91% of retaliatory tariffs; the US suspended 24% of the "reciprocal tariffs," and China correspondingly suspended 24% of retaliatory tariffs. This measure meets the expectations of producers and consumers in both countries, and is in line with the interests of both countries and the common interests of the world. It is hoped that the US will, on the basis of this meeting, continue to move towards China, thoroughly correct the wrong practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, maintain healthy, stable, and sustainable development of China-US economic and trade relations, and jointly inject more certainty and stability into the world economy.

Pre

Technological Breakthrough! Shandong Likuan Joins Forces with Two Major Enterprises to Usher in a New Milestone in the SiC Field

Wuhan Municipal Bureau of Economy and Information Technology actively promotes the integration of resources for the integrated circuit industry fund.

Technological Breakthrough! Shandong Likuan Joins Forces with Two Major Enterprises to Usher in a New Milestone in the SiC Field

Wuhan Municipal Bureau of Economy and Information Technology actively promotes the integration of resources for the integrated circuit industry fund.

COOKIES

Our website uses cookies and similar technologies to personalize the advertising shown to you and to help you get the best experience on our website. For more information, see our Privacy & Cookie Policy

COOKIES

required

These cookies are necessary for basic functions such as payment. Standard cookies cannot be turned off and do not store any of your information.

analyze

These cookies collect information, such as how many people are using our site or which pages are popular, to help us improve the customer experience. Turning these cookies off will mean we can't collect information to improve your experience.

Feature

These cookies enable the website to provide enhanced functionality and personalization. They may be set by us or by third-party providers whose services we have added to our pages. If you do not allow these cookies, some or all of these services may not function properly.

advertise

These cookies help us understand what you are interested in so that we can show you relevant advertising on other websites. Turning these cookies off will mean we are unable to show you any personalized advertising.

Business License