China, US Agree to Suspend Tariffs, Resume Trade Talks After Geneva Meeting

China and the United States issued a joint statement on Monday following high-level economic and trade discussions held in Geneva, signalling a temporary de-escalation of trade tensions and a renewed commitment to dialogue.

In the joint statement, both countries acknowledged the significance of their economic and trade relationship, not only for their own national interests but also for global economic stability. The statement emphasised the need for a "sustainable, long-term, and mutually beneficial" partnership, affirming a shared intention to maintain open lines of communication and cooperate in good faith.

As part of the agreement, both nations pledged to suspend a portion of their recently imposed tariffs for an initial period of 90 days, effective no later than May 14, 2025.

US Commitments:

• The United States will suspend 24 percentage points of the additional ad valorem tariffs imposed on Chinese goods, including those from Hong Kong and Macau, under Executive Order 14257 (April 2, 2025), while retaining a 10 per cent tariff.
• It will also remove additional tariffs introduced in Executive Orders 14259 (April 8, 2025) and 14266 (April 9, 2025).

China's Commitments:

• China will match the US gesture by suspending 24 percentage points of its additional tariffs on American goods, as per Announcement No. 4 of 2025, and will retain a 10 per cent rate.
• The country will also remove additional duties listed in Announcements No. 5 and No. 6 of 2025 and take administrative steps to suspend or remove non-tariff countermeasures imposed on the US since April 2, 2025.

Following these measures, both sides agreed to establish a new dialogue mechanism aimed at resolving ongoing trade issues and preventing future disputes. Vice Premier He Lifeng will represent China, while US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will represent the United States.

Future talks will be held alternately in China and the US, or in a third country as mutually agreed. Working-level consultations will also be arranged as necessary.

This move is widely seen as a cautious but positive step toward easing bilateral tensions amid ongoing global economic uncertainty.