The Government of the People’s Republic of China (“China”) and the Government of the United States of America (“the United States”),
Recognizing the importance of bilateral economic and trade relations to both countries and the global economy;
Recognizing the importance of a sustainable, long – term and mutually beneficial bilateral economic and trade relationship;
In light of the recent discussions between the two sides, believing that continued consultations will help address the economic and trade concerns of both sides;
Continuing to advance relevant work in the spirit of mutual openness, continuous communication, cooperation and mutual respect;
The two sides commit to taking the following measures by May 14, 2025:
The United States will: (i) Modify the ad valorem tariffs imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as stipulated in Executive Order No. 14257 of April 2, 2025. Specifically, the 24% tariff will be suspended for the initial 90 days, while retaining the 10% tariff on these goods as provided in the said Executive Order; (ii) Remove the additional tariffs on these goods imposed pursuant to Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025.
China will: (i) Correspondingly modify the ad valorem tariffs imposed on US goods as stipulated in Announcement No. 4 of 2025 of the Tariff Commission. Specifically, the 24% tariff will be suspended for the initial 90 days, while retaining the 10% tariff on these goods and removing the additional tariffs on these goods imposed pursuant to Announcement No. 5 and No. 6 of 2025 of the Tariff Commission; (ii) Take necessary measures to suspend or remove the non – tariff countermeasures against the United States since April 2, 2025.
After taking the above – mentioned measures, the two sides will establish a mechanism to continue consultations on economic and trade relations. The Chinese representative is Vice – Premier of the State Council He Lifeng, and the US representatives are Secretary of the Treasury Scott Bessent and United States Trade Representative Jamison Greer. Consultations may be held in China, the United States, or a third country agreed upon by both sides. As needed, the two sides may conduct working – level consultations on relevant economic and trade issues.