On May 12, 2025, at 3 PM, the Ministry of Commerce website released a "Joint Statement on Sino-US Geneva Trade Talks".

According to the joint statement, both China and the US will suspend the implementation of 24% of the equivalent tariffs for an initial 90 days, while retaining the remaining 10% tariffs; the US will cancel the tariffs increased on April 8 and 9, totaling 91%, and China will simultaneously cancel its countermeasures.

The Government of the People's Republic of China ("China") and the Government of the United States of America ("the United States"),

Recognizing the importance of bilateral trade relations to the economies of both countries and the global economy;

Recognizing the importance of a sustainable, long-term, and mutually beneficial bilateral trade relationship;

In light of recent discussions, believe that continued consultations will help address concerns in the trade and economic field;

In the spirit of mutual openness, continuous communication, cooperation, and mutual respect, continue to advance relevant work;

Both sides are committed to taking the following measures before May 14, 2025:

The United States will (1) amend the ad valorem tariffs imposed on goods from China (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as stipulated in Executive Order No. 14257 of April 2, 2025, wherein 24% of the tariffs will be suspended for the initial 90 days, while retaining the remaining 10% tariffs on these goods as stipulated in the Executive Order; (2) cancel the additional tariffs on these goods imposed under Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025.

China will (1) correspondingly amend the ad valorem tariffs imposed on US goods as stipulated in Tax Commission Announcement No. 4 of 2025, wherein 24% of the tariffs will be suspended for the initial 90 days, while retaining the remaining 10% tariffs on these goods, and cancel the additional tariffs on these goods imposed under Tax Commission Announcements No. 5 and No. 6 of 2025; (2) take necessary measures to suspend or cancel non-tariff countermeasures against the United States since April 2, 2025.

Following the implementation of the above measures, both sides will establish a mechanism to continue consultations on trade and economic relations. The Chinese representative is Vice Premier He Lifeng, and the US representatives are Secretary of the Treasury Scott Besent and US Trade Representative Jamison Greer. Consultations may be held in China, the United States, or a third country agreed upon by both sides. As needed, both sides may conduct working-level consultations on relevant trade and economic issues.

Since April 2025, in addition to the previously unilaterally imposed tariffs, the US government has imposed so-called "equivalent tariffs" on China, and China has made resolute and legitimate countermeasures. Subsequently, the US has repeatedly escalated tariff measures, raising the rate of "equivalent tariffs" on China from 34% in the first round to 84% and 125%.

The high US tariffs have seriously damaged normal bilateral trade and economic exchanges and severely disrupted the international trade and economic order. The joint statement reached in this meeting is an important step for both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.

However, it is noteworthy that the joint statement does not mention the previous 20% fentanyl tariff. The US 301 investigation into China's maritime, logistics, and shipbuilding industries is also not mentioned. Both sides' tariff adjustments have a 90-day window, leaving room for subsequent negotiations and giving businesses time to adjust their supply chains.

With this joint statement, China and the US have entered a 90-day "truce." The concessions made by both sides on tariff issues reflect the coercive effect of economic reality, but structural contradictions such as technological decoupling and industrial chain restructuring still exist. For foreign trade enterprises, it is still necessary to seize the 90-day window period and accelerate the diversification of global supply chain layouts.