The government of the People\’s Republic of China (\”China\”) and the government of the United States of America (the \”US\”),
Recalling the Joint Statement on China – US Economic and Trade Meeting in Geneva on May 12, 2025 (\”Geneva Joint Statement\”); and Reflecting on their meetings in London on June 9 and 10, 2025, and in Stockholm on July 28 and 29, 2025;
The two sides recall the commitments under the Geneva Joint Statement and agree to take the following actions by August 12, 2025:
- The US will continue to 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 Macao Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an additional period of 90 days, starting on August 12, 2025, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said order.
- China will continue to (1) modify the application of the additional ad valorem rate of duty on articles of the US set forth in the Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an additional period of 90 days, starting on August 12, 2025, while retaining the remaining additional ad valorem rate of 10 percent on those articles, and (2) adopt or maintain all necessary administrative measures to suspend or remove the non – tariff countermeasures taken against the US as agreed in the Geneva Joint Statement.
This joint statement is based on the discussions that took place during the China – US Economic and Trade Meeting in Stockholm, which was held under the mechanism established by the Geneva Joint Statement. The representative from the Chinese side for this meeting was He Lifeng, Vice Premier of the State Council, and the representatives from the US side were Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative.
The release of this joint statement has attracted widespread attention from the international community. It is seen as a positive step towards alleviating trade tensions between the world\’s two largest economies. Analysts believe that the extension of the tariff suspension and the commitment to adjust non – tariff measures will help to stabilize the global trade situation and provide a more stable environment for businesses on both sides.
Since the start of trade frictions between China and the US, the global economy has been under certain pressure. The Geneva Joint Statement in May this year was the beginning of the two sides seeking to ease tensions. The subsequent meetings in London and Stockholm are further steps in this process. The measures agreed upon in this joint statement not only reflect the willingness of both sides to promote trade cooperation through dialogue and negotiation, but also show their sense of responsibility for the stability of the global economic and trade order.
In the coming 90 – day period, all eyes will be on how China and the US implement these measures and whether they can further promote the resolution of trade – related issues through continuous communication and negotiation.