The spokesperson for the Chinese Ministry of Commerce stated on the 12th that the high-level Sino-US trade talks have achieved substantial progress, significantly reducing bilateral tariff levels. The US has canceled a total of 91% of the additional tariffs, and China has correspondingly canceled 91% of its retaliatory tariffs; the US has suspended the implementation of the 24% 'reciprocal tariffs,' and China has also correspondingly suspended the implementation of the 24% retaliatory tariffs. This move aligns with the expectations of producers and consumers in both countries, as well as the interests of both nations and the common interests of the world.
The spokesperson pointed out that since April 2025, the US government, on the basis of previously unilaterally imposed tariffs, has further imposed so-called 'reciprocal tariffs' on China, to which China has made firm and justified countermeasures. Subsequently, the US has continuously escalated tariff measures, increasing the tariff rate on China's 'reciprocal tariffs' from the first round of 34% to 84% and 125% subsequently. The high tariffs severely damage normal bilateral trade exchanges and severely disrupt the international trade order. The joint statement reached in this round of talks is an important step taken by both sides through equal dialogue and consultation to resolve differences, laying a foundation and creating conditions for further bridging differences and deepening cooperation.
The spokesperson mentioned that the two sides have reached multiple positive consensuses in the joint statement. Both sides recognize the importance of bilateral trade relations to both countries and to the global economy, acknowledge the importance of a sustainable, long-term, and mutually beneficial bilateral trade relationship, and continue to advance related work in the spirit of openness, sustained communication, cooperation, and mutual respect.
The spokesperson said they hope the US will use this meeting as a foundation to continue walking in the same direction with China, thoroughly correcting the wrong practice of unilateral taxation, continuously enhancing mutually beneficial cooperation, maintaining the healthy, stable, and sustainable development of Sino-US trade relations, and jointly injecting more certainty and stability into the world economy.
From May 10th to 11th local time, the Chinese lead in Sino-US trade, Vice Premier He Lifeng, and the US leads, US Treasury Secretary Bessent and Trade Representative Greer, held high-level Sino-US trade talks in Geneva, Switzerland. The two sides had candid, in-depth, and constructive communication around implementing the key consensus from the January 17th Sino-US presidential phone call and reached a series of important consensuses in the trade field. On the morning of May 12th local time, both sides released the 'Sino-US Geneva Trade Talks Joint Statement.'