Joint Statement on U.S.-China Economic and Trade Meeting in Geneva (CN version+ US version+MOFCOM statement)
China’s MOFCOM version:
中美日内瓦经贸会谈联合声明 (Same as US version)
中华人民共和国政府（“中国”）和美利坚合众国政府（“美国”），
认识到双边经贸关系对两国和全球经济的重要性；
认识到可持续的、长期的、互利的双边经贸关系的重要性；
鉴于双方近期的讨论，相信持续的协商有助于解决双方在经贸领域关切的问题；
本着相互开放、持续沟通、合作和相互尊重的精神，继续推进相关工作；
双方承诺将于2025年5月14日前采取以下举措：
美国将（一）修改2025年4月2日第14257号行政令中规定的对中国商品（包括香港特别行政区和澳门特别行政区商品）加征的从价关税，其中，24%的关税在初始的90天内暂停实施，同时保留按该行政令的规定对这些商品加征剩余10%的关税；（二）取消根据2025年4月8日第14259号行政令和2025年4月9日第14266号行政令对这些商品的加征关税。
中国将（一）相应修改税委会公告2025年第4号规定的对美国商品加征的从价关税，其中，24%的关税在初始的90天内暂停实施，同时保留对这些商品加征剩余10%的关税，并取消根据税委会公告2025年第5号和第6号对这些商品的加征关税；（二）采取必要措施，暂停或取消自2025年4月2日起针对美国的非关税反制措施。
采取上述举措后，双方将建立机制，继续就经贸关系进行协商。中方代表是国务院副总理何立峰，美方代表是财政部长斯科特·贝森特和美国贸易代表贾米森·格里尔。协商可在中国、美国，或双方商定的第三国进行。根据需要，双方可就相关经贸议题开展工作层面磋商。
US White House version:
Joint Statement on U.S.-China Economic and Trade Meeting in Geneva
The Government of the United States of America (the “United States”) and the Government of the People’s Republic of China (“China”),
Recognizing the importance of their bilateral economic and trade relationship to both countries and the global economy;
Recognizing the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship;
Reflecting on their recent discussions and believing that continued discussions have the potential to address the concerns of each side in their economic and trade relationship; and
Moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect;
The Parties commit to take the following actions by May 14, 2025:
The United States will (i) 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 Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said Order; and (ii) removing the modified additional ad valorem rates of duty on those articles imposed by Executive Order 14259 of April 8, 2025 and Executive Order 14266 of April 9, 2025.
China will (i) modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles, and removing the modified additional ad valorem rates of duty on those articles imposed by Announcement of the Customs Tariff Commission of the State Council No. 5 of 2025 and Announcement of the Customs Tariff Commission of the State Council No. 6 of 2025; and (ii) adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.
After taking the aforementioned actions, the Parties will establish a mechanism to continue discussions about economic and trade relations. The representative from the Chinese side for these discussions will be He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. side will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues.
Statement by the Spokesperson of China’s MOFCOM on the China-U.S. Geneva Economic and Trade Talks Joint Statement
From May 10 to 11 local time, Vice Premier of the State Council He Lifeng, China’s lead representative in economic and trade affairs, held high-level talks in Geneva, Switzerland with U.S. Secretary of the Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer. The two sides engaged in candid, in-depth, and constructive discussions focused on implementing the important consensus reached during the January 17 presidential call. A series of significant agreements were reached in the economic and trade domain. At 9:00 a.m. local time on May 12, the two parties jointly released the China-U.S. Joint Statement on Economic and Trade Talks in Geneva. In response, a spokesperson for China’s Ministry of Commerce issued the following remarks.
Since April 2025, on top of previous unilateral tariff hikes, the U.S. government has imposed additional so-called "reciprocal tariffs" on Chinese goods. In response, China took firm and legitimate countermeasures. The U.S. then escalated its tariff measures in successive rounds, increasing the rate of "reciprocal tariffs" on Chinese goods from an initial 34% to 84%, and later to 125%. These excessive tariffs have severely disrupted normal bilateral trade and economic exchanges and have gravely undermined the international economic and trade order. The issuance of this joint statement marks an important step forward in resolving disputes through dialogue and consultation on equal footing, and lays the foundation for further narrowing differences and deepening cooperation.
The two sides reached several positive consensuses in the joint statement. Both parties recognized the significance of the bilateral economic and trade relationship for the two countries and the global economy, and emphasized the importance of a sustainable, long-term, and mutually beneficial economic partnership. With the spirit of openness, continuous communication, cooperation, and mutual respect, both sides agreed to move forward on the following measures:
The U.S. side commits to remove 91% of the tariffs imposed on Chinese goods under Executive Orders No. 14259 (April 8, 2025) and No. 14266 (April 9, 2025); and to modify the 34% reciprocal tariffs imposed under Executive Order No. 14257 (April 2, 2025), suspending 24% of those tariffs for 90 days, while retaining the remaining 10%.
Correspondingly, China will cancel 91% of its counter-tariffs on U.S. goods; suspend 24% of its counter-tariffs for 90 days in response to the U.S. reciprocal tariffs, and retain the remaining 10%. China will also suspend or remove non-tariff countermeasures against the U.S. as appropriate.
Both sides agreed to establish a China-U.S. Economic and Trade Consultation Mechanism to maintain close communication on respective concerns in the economic and trade arena and to carry out further consultations. China’s lead representative will be Vice Premier He Lifeng, while the U.S. side will be represented by Secretary Bessent and Ambassador Greer. Consultations will be held regularly or as needed, on a rotating basis in China and the U.S., or in a mutually agreed third country. When necessary, working-level consultations may be held on specific economic and trade issues.
This round of high-level China-U.S. economic and trade talks achieved substantive progress, resulting in a substantial reduction in bilateral tariff levels. The U.S. will cancel 91% of its additional tariffs, and China will cancel 91% of its counter-tariffs accordingly. The U.S. will suspend implementation of 24% of its “reciprocal tariffs,” and China will likewise suspend 24% of its corresponding countermeasures. These steps meet the expectations of producers and consumers in both countries and serve the interests of both nations as well as the broader global community.
We hope the U.S. will take this round of talks as a starting point, continue to move in the same direction with China, thoroughly correct its mistaken unilateral tariff practices, strengthen mutually beneficial cooperation, and promote the healthy, stable, and sustainable development of China-U.S. economic and trade relations, contributing more certainty and stability to the global economy.
商务部新闻发言人就中美日内瓦经贸会谈联合声明发表谈话
当地时间5月10日至11日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔在瑞士日内瓦举行中美经贸高层会谈。双方围绕落实今年1月17日中美元首通话重要共识进行了坦诚、深入、具有建设性的沟通，在经贸领域达成一系列重要共识。当地时间5月12日上午9:00，双方发布《中美日内瓦经贸会谈联合声明》。商务部新闻发言人就此发表谈话。
2025年4月以来，美国政府在此前单边加征关税的基础上，又对华加征所谓“对等关税”，中国进行了坚决正当反制。随后美方轮番升级关税措施，将对华“对等关税”税率从第一轮的34%先后提升至84%和125%。美高额关税严重损害双边正常经贸往来，严重破坏国际经贸秩序。本次会谈达成了联合声明，是双方通过平等对话协商解决分歧迈出的重要一步，为进一步弥合分歧和深化合作打下了基础、创造了条件。
双方在联合声明中达成多项积极共识。双方认识到双边经贸关系对两国和全球经济的重要性，认识到可持续的、长期的、互利的双边经贸关系的重要性，本着相互开放、持续沟通、合作和相互尊重的精神，继续推进相关工作。双方同意共同采取以下措施：
美方承诺取消根据2025年4月8日第14259号行政令和2025年4月9日第14266号行政令对中国商品加征的共计91%的关税，修改2025年4月2日第14257号行政令对中国商品加征的34%的对等关税，其中24%的关税暂停加征90天，保留剩余10%的关税。相应地，中方取消对美国商品加征的共计91%的反制关税；针对美对等关税的34%反制关税，相应暂停其中24%的关税90天，剩余10%的关税予以保留。中方还相应暂停或取消对美国的非关税反制措施。
双方一致同意建立中美经贸磋商机制，就经贸领域各自关切保持密切沟通，开展进一步磋商。中方代表是国务院副总理何立峰，美方代表是财政部长贝森特和贸易代表格里尔。双方将定期或不定期轮流在中国、美国开展磋商，或在商定的第三国开展磋商。根据需要，双方可就相关经贸议题开展工作层面磋商。
本次中美经贸高层会谈取得实质性进展，大幅降低双边关税水平，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的“对等关税”，中方也相应暂停实施24%的反制关税。这一举措符合两国生产者和消费者的期待，也符合两国利益和世界共同利益。希望美方以这次会谈为基础，与中方继续相向而行，彻底纠正单边加税的错误做法，不断加强互利合作，维护中美经贸关系健康、稳定、可持续发展，共同为世界经济注入更多确定性和稳定性。
Meanwhile, Yuyuantantian’s Commentary on the Latest China-U.S. Economic and Trade Talks: Progress, Substance, and What Comes Next
In a commentary published today, Yuyuantantian — a widely followed Chinese commentary outlet with an official background — noted that the joint statement reached in Geneva between China and the U.S. is “balanced and mutually beneficial,” and highlighted three key takeaways from the talks:
“The atmosphere was candid, in-depth, and constructive, the talks made substantive progress, and important consensus was reached.”
“Both sides agreed to establish a mechanism for ongoing economic and trade consultations and to maintain communication on their respective concerns.”
“The two sides will finalize relevant details as soon as possible and release a joint statement on May 12 local time.”
According to senior scholar Gao Lingyun, a longtime expert on global political economy, these three keywords — candid, in-depth, and constructive — have specific contextual meaning in China-U.S. trade talks.
“Candid” means both sides laid their concerns clearly on the table — including the trade friction itself, how each side perceives the impact of the so-called “reciprocal tariffs,” and how each side frames its losses and expectations.
“In-depth” suggests that certain issues were discussed not only in principle but also with supporting quantitative data, reflecting a step beyond surface-level diplomacy.
“Constructive” implies that both sides reached a set of tangible outcomes they were broadly satisfied with.
Luo Zhenxing, head of the economic office at the Chinese Academy of Social Sciences’ Institute of American Studies, noted that the speed and substance of this breakthrough are due to two main factors:
The escalation of tariffs by the U.S. — with “reciprocal tariff” rates jumping from 34% to 84%, then to 125% — triggered a swift and forceful response from China. The trade friction reached a near-breakpoint, and both sides felt the pain almost immediately.
Notably, on the morning of May 9, U.S. West Coast port officials reported that in the past 12 hours, no cargo ships had departed from China for major U.S. West Coast ports. Such a near-standstill is highly unusual in a globalized economy.
Having gone through a full cycle of trade tensions in previous years, both sides are now more experienced and have a clearer understanding of each other’s red lines and bottom lines.
Against this backdrop, the Geneva talks produced real, substantive results — not only aligning with the interests of both countries, but also meeting the world’s expectations for greater stability in global trade.
As the joint consultation mechanism is established, both sides will appoint top-level leads — Vice Premier He Lifeng for China, and Secretary Bessent and USTR Greer for the U.S. — to jointly guide ongoing talks. Future discussions will be held regularly or ad hoc, rotating between China, the U.S., or third countries, and working-level meetings will be arranged as needed.
That said, much work remains. As Professor Gong Jiong of the University of International Business and Economics put it,
The priority now is simply to restart trade flows. Only once trade has resumed can both sides move on to tackle deeper structural issues.
Another goal, emphasized by multiple officials and experts, is to expand the list of areas for cooperation and grow the “cooperation pie.” China and the U.S. still share vast potential for collaboration in manufacturing and emerging technologies — though much will depend on how the U.S. positions itself regarding these opportunities.
Observers also point to the background and instincts of Treasury Secretary Scott Bessent, who comes from Wall Street and maintains close communication with U.S. financial markets. In fact, after the tariff hikes were first announced, Bessent reportedly held several private dinners and calls with hedge fund managers, gathering views from the investment community. Their feedback directly affects how Bessent approaches trade policy and execution.
In the eyes of many on Wall Street, how the U.S. and China navigate tariff disputes is not just a bilateral matter — it’s a global trade weathervane.
Top consulting firms have warned that ongoing trade friction could trigger a realignment of global supply chains, with significant uncertainty and hidden costs. Policymakers and markets alike are grappling with key questions: Which tariffs are temporary pressure tactics, and which are here to stay?
The European Union and other economies are reportedly assessing how U.S. tariffs may be shifting global trade flows and rethinking the global trade balance accordingly.
After all, the current global supply chain setup largely reflects U.S. capital market interests. If Washington refuses to lift excessive “reciprocal tariffs,” and more companies move from wait-and-see to action and restructuring, it could backfire on U.S. investors. That pressure, in turn, lands squarely on Bessent’s shoulders.
So far, Bessent appears to be playing a pragmatic role in the talks. The Chinese delegation offered positive evaluations of the U.S. team’s professionalism and flexibility.
The upcoming joint statement, to be released on May 12, is said to contain numerous concrete measures, many of which are already drawing close scrutiny from markets and media. According to insiders, any deal that China signs must align with its own national development interests.
Before the delegation departed for Geneva, China had already made it clear: it would not sacrifice principle or justice in pursuit of any short-term deal.
During the talks, both sides maintained a rational, objective, and pragmatic spirit, actively seeking common ground. These efforts laid the groundwork for the consensus reached.
Indeed, the progress achieved this time was made possible by China’s firm and early countermeasures. China was the first country to fight back against the “reciprocal tariffs” with its own symmetrical tariffs. As the Chinese saying goes, “seek unity through struggle” — and this result is precisely the fruit of that strategy, where both sides met in the middle.
This breakthrough is hard-won. It is good for China and the U.S., and good for the world economy — and both countries must now work to preserve it.
As Professor Gong Jiong emphasized again:
“The goal now is to restart trade. Only after that can we tackle the rest.”