China-U.S. Joint Statement: Mutual Rollback of Some Tariffs, Continued Negotiations on Outstanding Issues (Includes Timeline of the Trade War) (AI Translation)

中美联合声明：相互取消部分加征关税 继续协商解决关切（附关税战时间线）

Summary:

Paragraphs 1-4:

China and the United States have released a joint statement following economic and trade talks in Geneva, recognizing the significance of the bilateral relationship for both countries and the global economy. Both parties emphasized the need for a sustainable, long-term, mutually beneficial relationship and pledged to continue negotiations. They agreed, in the spirit of openness and respect, to advance economic and trade discussions. By May 14, 2025, the U.S. will revise and suspend certain tariffs on Chinese goods (including a temporary 90-day suspension of a 24% tariff, with a 10% tariff retained), and remove additional tariffs imposed under two executive orders in early April 2025. China, in response, will suspend its own 24% tariff for 90 days, maintain the 10% rate, and cancel higher tariffs imposed in retaliation, as well as certain non-tariff countermeasures. Furthermore, the two sides will establish a new consultation mechanism to continue their dialogue, with China represented by Vice Premier He Lifeng and the U.S. by Treasury Secretary Scott Besant and Trade Representative Jamison Greer. Consultations may occur in either country or a mutually agreed third nation, with working-level talks as needed. [para. 1][para. 2][para. 3][para. 4]

Paragraphs 5-6:

Chinese and U.S. government spokespeople have highlighted the positive agreements in the joint statement, particularly the mutual reduction in tariffs. The U.S. pledged to remove 91% of tariffs imposed under two recent executive orders and amend a 34% reciprocal tariff by suspending 24% for 90 days and maintaining 10%. China will lift 91% of retaliatory tariffs simultaneously and mirror the 24%/10% split for its own retaliatory tariffs. Non-tariff measures will also be suspended or removed accordingly. Both sides have committed to consistent consultations through a new mechanism led by senior representatives, aiming to maintain close communication and handle economic and trade disputes constructively. [para. 5][para. 6]

Paragraph 7:

These recent high-level talks have produced substantial progress, with both sides dramatically reducing tariffs (91% removed) and suspending a portion of remaining tariffs for at least 90 days. The agreement aligns with the interests of consumers and producers globally and is expected to contribute to global economic stability. The Chinese side called on the U.S. to continue correcting its previous unilateral tariff hikes for the benefit of both economies and the world. [para. 7]

Paragraphs 8-17 (Timeline):

The trade tensions escalated in April 2025, when the Trump administration announced “reciprocal tariffs” of 34% on Chinese goods and 10-49% on other partners. In retaliation, China levied a 34% tariff on U.S. imports, effective April 10. Trump threatened and subsequently implemented higher tariffs, raising them to 84% and then to an unprecedented 125% against Chinese products. China matched these escalations, also imposing an up-to-125% additional tariff and stating U.S. goods had effectively lost access to China’s market. While the U.S. exempted certain electronics from tariffs, these still faced a separate “fentanyl tariff” of 20%. Chinese officials criticized such moves as unilateral and called for removing all “reciprocal tariffs” through dialogue and mutual respect. [para. 8-17]

Paragraphs 18-25:

Amid mounting tensions and market concerns, stakeholders including JPMorgan CEO Jamie Dimon urged prompt negotiations. U.S. Treasury Secretary Besant acknowledged the need for rebalancing but admitted negotiations would be challenging. Both sides signaled willingness for talks. Ahead of the May 2025 Geneva meetings, Trump publicly considered lowering tariffs, hinting at flexibility. During May 10-11, senior negotiators met in Geneva, producing an agreement to reduce tariffs and set up a new consultation mechanism. Both sides described the talks as candid and constructive, emphasizing strong international interest and the importance of the bilateral relationship for global stability. Official U.S. and Chinese statements characterized the success as a step towards narrowing differences, with both capitals confirming that key leaders had been briefed and expressing optimism for continued progress. [para. 18-25]

In summary, the recent U.S.-China trade talks have resulted in a substantial reduction in tariffs (91% cut), a temporary suspension of major tariff increases, and the establishment of a mechanism for ongoing dialogue. This marks significant de-escalation from earlier, severe tariff increases by both sides and represents a mutual commitment to stabilizing economic relations, with broad implications for the global economy. [para. 1-25]