The Governments of the United States of America and the People’s Republic of China have come together, recognizing the vital role their economic and trade relationship plays not just for their nations, but for the global economy as a whole. This acknowledgment is not merely ceremonial; it’s a nod to the interconnectedness of today’s world, where the actions of one superpower can ripple across continents.
In light of their recent dialogues, both sides express optimism that ongoing conversations may effectively mitigate mutual concerns regarding their trade practices. This is not just about maintaining the status quo but about fostering a sustainable and profitable partnership that can withstand the tests of time and international scrutiny.
With a commitment to transparency, cooperation, and respect for one another, the two parties have outlined a series of actions to be implemented by May 14, 2025:
The United States will (i) revise the application of additional tariffs on goods from China—this includes items from the Hong Kong and Macau Special Administrative Regions—by suspending a hefty 24 percentage points of the imposed tariffs for an initial period of 90 days. This will leave a manageable 10 percent tariff in place, as detailed in Executive Order 14257 dated April 2, 2025. Furthermore, it will (ii) eliminate the additional tariffs introduced under Executive Orders 14259 and 14266 on April 8 and 9, 2025, respectively.
In return, China will (i) adjust its own tariff structures on U.S. goods as outlined in Customs Tariff Commission Announcement No. 4 of 2025, similarly suspending 24 percentage points for 90 days while retaining a 10 percent tariff. It will also (ii) rescind the additional tariffs established in Announcements No. 5 and No. 6 of 2025. Furthermore, China will take necessary administrative steps to withdraw non-tariff measures that have been implemented against the U.S. since April 2, 2025.
Following these initial actions, both nations will create a framework for ongoing discussions regarding their economic and trade relations. The Chinese delegation will be led by He Lifeng, Vice Premier of the State Council, while the U.S. representatives will include Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions could occur alternately in China, the United States, or a mutually agreed third country, ensuring flexibility in dialogue. Additionally, the two sides may engage in working-level consultations to address pertinent economic and trade issues as needed.
