Joint Statement on China-U.S. Economic and Trade Meeting in Geneva: views from Beijing
Ministry of Commerce, Yuyuan Tantian, Hu Xijin
Today's biggest news is that China and the United States just released a joint statement on the China-U.S. Economic and Trade Meeting in Geneva. The meeting has yielded substantial progress, significantly reducing bilateral tariffs. I believe it represents a major breakthrough after months of trade tensions.
Today's newsletter includes:
Commentary from China's Ministry of Commerce
Commentary from Yuyuan Tantian, a social media account affiliated with China Media Group
Analysis from Hu Xijin, former editor-in-chief of the Global Times
These statements represent either the official Chinese stance or the views of Chinese media figures.
Overall, I'm happy to see that China and the U.S. have reached some important common ground. Judging from the statements, both sides have shown a relatively positive attitude, and I hope this will at least set a constructive tone for the next phase of negotiations.
[Note: To learn views on China-U.S. trade deal from Ren Yi, a prominent Chinese internet commentator better known by his online alias "Rabbit Chairman" or 兔主席 "Tù Zhǔxí" in Chinese, check here. ]
Full text: Joint Statement on China-U.S. Economic and Trade Meeting in Geneva
GENEVA, May 12 (Xinhua) -- China and the United States on Monday released a joint statement on China-U.S. Economic and Trade Meeting in Geneva.
The following is the English translation of the full text of the joint statement:
Joint Statement on China-U.S. Economic and Trade Meeting in Geneva
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 their bilateral economic and trade relationship to both countries and the global economy;
Recognizing the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship;
Reflecting on their recent discussions and believing that continued discussions have the potential to address the concerns of each side in their economic and trade relationship; and
Moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect;
The Parties commit to take the following actions by May 14, 2025:
The United States will (i) modify the application of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said Order; and (ii) removing the modified additional ad valorem rates of duty on those articles imposed by Executive Order 14259 of April 8, 2025 and Executive Order 14266 of April 9, 2025.
China will (i) modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles, and removing the modified additional ad valorem rates of duty on those articles imposed by Announcement of the Customs Tariff Commission of the State Council No. 5 of 2025 and Announcement of the Customs Tariff Commission of the State Council No. 6 of 2025; and (ii) adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.
After taking the aforementioned actions, the Parties will establish a mechanism to continue discussions about economic and trade relations. The representative from the Chinese side for these discussions will be He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. side will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues.
Spokesperson for China's Ministry of Commerce
Since April 2025, the U.S. government has imposed "reciprocal tariffs" on China, building upon its previous unilateral tariff hikes. In response, China has taken firm and legitimate countermeasures. Subsequently, the U.S. escalated its tariff measures, increasing the rate of these "reciprocal tariffs" on China from an initial 34 percent to 84 percent and then to 125 percent. These high tariffs have severely harmed bilateral trade relations and disrupted the international economic and trade order.
The joint statement on China-U.S. Economic and Trade Meeting in Geneva is an important step toward resolving differences between the two countries through equal dialogue and consultation. It laid the foundations and created the conditions for further bridging differences and deepening cooperation.
The two sides reached several positive agreements in the joint statement. Both China and the U.S. recognized the importance of their bilateral economic and trade relationship to both countries and the global economy, as well as the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship. Moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect, they agreed to continue advancing relevant efforts and commit to taking the following actions:
The United States has committed to removing a total of 91 percent of the tariffs imposed on Chinese goods under Executive Order 14259 of April 8, 2025, and Executive Order 14266 of April 9, 2025. Additionally, it will modify the application of the 34 percent additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said Order.
Accordingly, China will remove a total of 91 percent of the modified additional ad valorem rates of duty imposed on U.S. goods. Regarding the additional ad valorem rate of 34 percent on U.S. goods in response to U.S. reciprocal tariffs, China will suspend 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining 10 percent on those articles. China will also adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States.
Both parties have mutually agreed to establish a mechanism for China-U.S. economic and trade consultation, aimed at maintaining close communication regarding each side's concerns in the economic and trade domains, and to continue further discussions as necessary.
The representative from the Chinese side for these discussions will be He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. side will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues.
The meeting has yielded substantial progress, significantly reducing bilateral tariffs. The United States has eliminated 91 percent of the additional tariffs it had imposed, and China has reciprocated by canceling 91 percent of its own additional tariffs. Additionally, the U.S. has suspended the implementation of 24 percent of the "reciprocal tariffs," while China has also suspended 24 percent of its additional tariffs. This action meets the expectations of manufacturers and consumers in both countries, and is in line with the interests of both nations and the broader global community. It is hoped that the U.S. side will continue to work with China, move in the same direction, and fully rectify its erroneous practice of imposing unilateral tariffs. China also hopes that the two countries will be able to continuously enhance mutually beneficial cooperation and maintain the healthy, stable, sustainable development of bilateral economic and trade relations to inject greater certainty and stability into the world economy.
Yuyuan Tantian ("玉渊谭天”), a social media account affiliated with China Media Group
简而言之，当前美方取消了共计91%的对华加征关税，暂停实施24%的“对等关税”，保留剩余10%的关税。中方也相应取消和暂停了相同水平的关税。
这说明中方此前的坚决反制和斗争态度起到了非常好的效果，反制措施确实对美方也造成重大影响，美国政府才会在会谈之后将关税降低至基准关税水平。
In short, the U.S. side has currently canceled a total of 91 percent of the additional tariffs imposed on China, suspended 24 percent of the "reciprocal tariffs," and retained the remaining 10%. Correspondingly, China has also canceled and suspended tariffs at the same level.
This demonstrates that China's firm countermeasures and resolute stance have achieved very positive results. Indeed, the countermeasures have had a significant impact on the U.S. side, prompting the U.S. government to reduce tariffs to baseline levels after the negotiations.
[Update: After I posted this piece on X, Yuyuan Tantian’s account commented on my post with an article explaining that the meeting's 'substantive progress' can be understood through the “Three T's”:
1/ The Talk: How Candour and Substance Unlocked Satisfactory Progress
2/ The Telephone Lines: Opening Channels for Future Dialogue
3/ The Truce: Detailing the Ninety-Day Tariff Pause]
Hu Xijin, former editor-in-chief of the Global Times
太棒了！中美日内瓦谈判取得了超出大多数人预期的成果。
Awesome news! The China-U.S. Economic and Trade Meeting in Geneva has yielded results that exceeded most people's expectations.
首先，美中同时大幅降关税，美国4月2日之后对中国加征的关税全部取消，4月2日宣布的对中国34%关税中的24%暂停实施90天。中方也取消了对所有上述美方关税的报复性关税。等于是，双方在未来90天里都只保持4月2日和之后加征关税的10%。而且双方各自保留的关税完全是按照平等原则设置的，不存在美方加了关税，中国不得报复的任何含义。
First of all, both the U.S. and China have made significant reductions in tariffs. The U.S. has fully removed all tariffs imposed on China after April 2, and has also suspended 24 percentage points of the 34 percent tariff on China for 90 days, which was announced on April 2. In return, China has lifted retaliatory tariffs on all U.S. tariffs mentioned above. This means that for the next 90 days, both sides will only maintain the 10 percent tariffs imposed after April 2. Moreover, the tariffs that each side has retained are set on an equal basis, with no implication that the U.S. could impose tariffs without China having the right to retaliate.
这是中国坚持平等和相互尊重原则的巨大胜利。到目前为止，没有一个其他国家实现了美中之间的上述平等谈判原则。美英上周达成协议，但是美国保留了对英国10%的基础关税，英国则反过来没有采取平等报复措施。日本、加拿大和欧盟都尚未取得美国对它们的平等承诺。
This is a huge victory for China in sticking to the principles of equality and mutual respect. Up to now, no other country has achieved the kind of equal negotiation principle that China and the U.S. have reached. Last week, the U.S. and the U.K. reached an agreement, but the U.S. retained a 10 percent basic tariff on the U.K., and the U.K. did not retaliate equally. Japan, Canada, and the European Union have not yet secured a similar equal commitment from the U.S.
中国与美国达成平等协议，这不仅是中国的胜利，也是国际贸易规则和应有秩序的胜利。中美协议是一个示范，势必对其他国家维护自身权利形成鼓舞。
The agreement between China and the U.S. is not only a victory for China but also a win for international trade rules and order. This agreement sets an example that will surely inspire other countries to stand up for their own rights.
老胡要给中国谈判团队点一个大大的赞！我为中国政府和中国人民在过去一个多月所表现出的众志成城而骄傲，我为这个国家面对强权所展现出的勇气和耐力感到骄傲
I’ve got to give a huge shoutout to China’s negotiation team! I am so proud of the Chinese government and people for their unity and determination over the past month. I’m also proud of how this country has shown courage and resilience in the face of strong opposition.