On the 12th, US President Trump stated that the Geneva US-China talks had achieved a comprehensive restart of US-China bilateral relations, and tariffs on China would not return to the 145% level.
He said he has no intention of harming China but hopes that China will open up to the United States, while in many ways, the European Union is worse than China and treats the United States very unfairly.
He also mentioned that he might have a phone call with Chinese President Xi Jinping this weekend.
He said, "The Geneva talks were very friendly, and the relationship between the two countries is very good. We are not trying to harm China; China was suffering severely at the time, closing factories, and a lot of chaos was happening. They (China) are very happy to cooperate with us. The relationship between the two countries is very, very good. I might speak with President Xi over the weekend."
He pointed out that the most important issue discussed between the US and China is the opening of the Chinese market, to which China has agreed, and that all non-tariff barriers will be suspended and canceled, but it will take time to implement a formal written agreement.
He believes that if access to the Chinese market is granted, it would be very beneficial for American companies and would also create numerous job opportunities in China. This move aims to rebalance trade between the two countries, including eliminating non-tariff trade barriers, contributing to standardization and peace.
Referring to the agreement for both sides to significantly reduce the additional tariffs for 90 days, Trump noted that this adjustment does not include existing tariffs, tariffs on cars, steel, or aluminum, or the potential tariffs on pharmaceuticals. Negotiators will continue to address the major structural issues.
He stated that a 20% tariff will be imposed due to China "sending fentanyl" to the US, but if China agrees to stop the situation, they will not have to pay large tariffs. If a comprehensive agreement is not reached within 90 days, tariffs will increase significantly, but not to previous levels.
He expressed confidence in reaching an agreement within the deadline.
On May 10-11 local time, the Chinese leader of the Sino-US economic and trade talks, Vice Premier He Lifeng, held high-level economic and trade talks with the US leader, US Treasury Secretary Besent, and Trade Representative Greer in Geneva, Switzerland. On the morning of May 12 local time, both sides issued the "Joint Statement on the Sino-US Geneva Economic and Trade Talks."
The US pledged to cancel 91% of tariffs imposed on Chinese goods under Executive Orders 14259 and 14266, issued on April 8 and 9, 2025, respectively, and to amend 34% of the "reciprocal tariffs" under Executive Order 14257 issued on April 2, 2025. Of these, 24% of tariffs will be suspended for 90 days, with the remaining 10% retained. Correspondingly, China will cancel 91% of counter-tariffs imposed on US goods; for the 34% reciprocal counter-tariffs, 24% will be suspended for 90 days, with the remaining 10% retained. China will also suspend or cancel non-tariff countermeasures against the US.