China and the United States have agreed to a temporary arrangement aimed at easing trade tensions and creating room for dialogue. During economic and trade talks held in Geneva, Chinese Vice Premier He Lifeng met with U.S. Treasury Secretary Scott Bessant and Trade Representative Jamison Greer.
The two nations agreed to suspend the 24% tariffs on some products for a period of 90 days from May 14, 2025. They will, however, maintain the remaining 10% tariffs as specified in their official trade memoranda.
The United States announced it will remove tariffs added under Executive Orders 14259 and 14266, which were issued in early April. China also confirmed it will cancel the tariffs announced under Tax Commission Announcements No. 5 and No. 6 from this year.
Officials from both nations agreed to continue holding regular consultations to manage trade relations and address unresolved concerns.
The meetings can take place in China, the United States, or any third country acceptable to both sides. The following will be organized as work-level consultations on focused issues to make consistent progress on trade issues:
China to revise announcement reflecting new tariff changes
China agreed to modify Announcement No. 4 of the 2025 Tax Commission to incorporate the agreed changes in tariffs. They both stressed the importance of open communication, stability of economies, and equal market access to define future trade cooperation.
They acknowledged that a stable and mutually advantageous relationship is vital to their economies and also to the global market. He Lifeng emphasized China’s commitment to promoting global trade justice through open and respectful conversation.
Scott Bessant and Jamison Greer also reaffirmed America’s intent to solve issues diplomatically and avoid escalating economic conflicts.
The 90-day suspension of tariffs is seen by many as a chance to begin meaningful negotiations. These talks could potentially lead to long-term agreements. The action is a cautious but significant step towards de-escalating the trade war between the two global economies.
