The China-Us relationship affects the world. Three weeks later, global ocean freight rates have skyrocketed.

From May 10th to 11th local time, He Lifeng, the Chinese head of China-Us economic and trade cooperation and Vice Premier of The State Council, held high-level China-Us economic and trade talks with US leaders, US Treasury Secretary John Bassant and Trade Representative John Greer in Geneva, Switzerland. The two sides conducted candid, in-depth and constructive communication on implementing the important consensus reached during the phone call between the Chinese and US heads of state on January 17 this year, and reached a series of important consensus in the economic and trade fields. At 9:00 a.m. local time on May 12th, the two sides released the "Joint Statement of the China-Us Economic and Trade Talks in Geneva". A spokesperson for the Ministry of Commerce made a statement on this.

Since April 2025, on the basis of the previous unilateral imposition of tariffs, the US government has imposed so-called "reciprocal tariffs" on China. China has taken resolute and legitimate countermeasures. Subsequently, the US side successively upgraded its tariff measures, raising the "reciprocal tariff" rate against China from 34% in the first round to 84% and 125% respectively. The high tariffs imposed by the United States have seriously undermined the normal economic and trade exchanges between the two sides and severely disrupted the international economic and trade order. This meeting reached a joint statement, which is an important step taken by both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.
Both sides reached a number of positive consensuses in the joint statement. Both sides recognize the significance of bilateral economic and trade relations to the economies of the two countries and the global economy, as well as the importance of sustainable, long-term and mutually beneficial bilateral economic and trade relations. In the spirit of mutual openness, continuous communication, cooperation and mutual respect, they will continue to promote relevant work. Both sides agree to jointly take the following measures:
The US side has committed to eliminating a total of 91% of the tariffs imposed on Chinese goods under Executive Orders No. 14259 of April 8, 2025 and No. 14266 of April 9, 2025, and to modifying the 34% equivalent tariffs imposed on Chinese goods under Executive Order No. 14257 of April 2, 2025. Among them, 24% of the tariffs will be suspended for 90 days. Retain the remaining 10% tariff. Correspondingly, China has lifted a total of 91% of the countermeasures tariffs imposed on US goods. In response to the 34% reciprocal tariffs imposed by the US, the corresponding 24% of the tariffs will be suspended for 90 days, while the remaining 10% of the tariffs will be retained. China has also accordingly suspended or lifted non-tariff countermeasures against the United States.
Both sides agreed to establish a China-Us economic and trade consultation mechanism, maintain close communication on their respective concerns in the economic and trade fields, and carry out further consultations. The representative of the Chinese side is Vice Premier He Lifeng of The State Council, while the representatives of the US side are Treasury Secretary Basent and Trade Representative Greer. The two sides will take turns to conduct consultations in China and the United States on a regular or irregular basis, or in the agreed third country. As needed, the two sides can conduct working-level consultations on relevant economic and trade issues.

The current high-level economic and trade talks between China and the United States have made substantive progress. The bilateral tariff levels have been significantly reduced. The United States has cancelled a total of 91% of the additional tariffs, and China has accordingly cancelled 91% of the countermeasures tariffs. The US has suspended the implementation of the 24% "reciprocal tariff", and China has accordingly suspended the implementation of the 24% countermeasures tariff. This measure is in line with the expectations of producers and consumers in both countries, as well as the interests of both countries and the common interests of the world. It is hoped that the US side will, on the basis of this meeting, continue to work with China in the same direction, thoroughly correct the wrong practice of unilateral tax hikes, continuously strengthen mutually beneficial cooperation, safeguard the healthy, stable and sustainable development of China-Us economic and trade relations, and jointly inject more certainty and stability into the world economy.