BEIJING and Washington have reached some common understanding on their economic and trade relations following the high-level China-US trade and economic meeting in Geneva, Brussels recently.
This was announced in a joint statement issued by the two sides following the Brussels trade and economic meeting.
The joint statement said the government of the People’s Republic of China and government of the United States, in recognition of the importance of their bilateral economic and trade relationship to both countries and the global economy, the importance of a sustainable, long-term and mutually beneficial economic and trade relationship, and in believing that continued discussions have the potential to address the concerns of each side in their economic and trade relations, after reflecting on their discussions have committed to take the following actions by 14 May 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.”
The joint statement said after taking the aforementioned actions, the parties will establish a mechanism to continue discussions about economic and trade relations.
It said the representative from the Chinese side for these discussions will be the Vice Premier of the State Council, He Lifeng and the representatives from the US side will be Secretary of the Treasury, Scott Bessent and US Trade Representative Jamieson Greer.
These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties, the joint statement said.
The joint statement said as required, the two sides may conduct working-level consultations on relevant economic and trade issues.
By DELI-SHARON OSO
In Beijing, China
