Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
GENEVA, May 12 (Xinhua) — China and the United States on Monday announced a series of tariff adjustment measures aimed at easing trade tensions between the world’s two largest economies.
The decision followed a two-day high-level economic and trade meeting between China and the United States. A joint statement released following the meeting said both sides recognized the importance of bilateral economic and trade relations for themselves and for the global economy. They also stressed the importance of sustainable, long-term, and mutually beneficial economic and trade relations.
The statement said the United States will modify the application of the additional ad valorem duty rate on goods from China (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) imposed by the order on April 2, 2025, by suspending the application of 24 percentage points of that rate for an initial period of 90 days, while maintaining the remainder of the ad valorem rate of 10 percent on those goods. The United States will also eliminate the modified additional ad valorem duty rates on those goods imposed on April 8 and 9, respectively.
Under Executive Order 14259, issued by the White House on April 8, the United States raised the “equivalent” tariff rate on China to 84 percent. A day later, the White House raised the rate to 125 percent in another executive order.
According to the statement, China will accordingly change the application of the additional ad valorem rate of duty on goods from the United States set out in the No. 4 Notice of the Customs Tariff Committee of the State Council in 2025, suspending the application of 24 percentage points of this rate for an initial period of 90 days, while maintaining the remaining additional ad valorem rate of 10 percent on these goods.
China shall also eliminate the modified additional ad valorem duties on these products imposed by the 5th Notice of the Customs Tariff Committee of the State Council in 2025 and the 6th Notice of the Customs Tariff Committee of the State Council in 2025, and shall take all necessary administrative measures to suspend or eliminate the non-tariff countermeasures taken against the United States on or after April 2, 2025.
Both parties undertake to take these actions by May 14, 2025.
After the above actions are completed, the two sides will establish a mechanism to continue discussions on economic and trade relations. Such discussions may be held alternately in China and the United States or in a third country by mutual agreement, the statement said. –0–