Recognizing the significance of bilateral economic and trade relations to both nations and the global economy;
Acknowledging the importance of a sustainable, long-term, and mutually beneficial bilateral economic and trade relationship;
Believing that continued consultations are conducive to addressing mutual concerns in the economic and trade sectors, as evidenced by recent discussions;
Committed to advancing related work in the spirit of mutual openness, ongoing communication, cooperation, and mutual respect;
Hereby agree to undertake the following actions by May 14, 2025:
The United States will: 1. Amend Executive Order No. 14257, dated April 2, 2025, to adjust the ad valorem tariffs imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region). Specifically, a 24% tariff will be suspended for an initial period of 90 days, while retaining the remaining 10% tariff as stipulated in the executive order. 2. Revoke the additional tariffs imposed under Executive Orders No. 14259 (dated April 8, 2025) and No. 14266 (dated April 9, 2025) on these goods.
China will: 1. Correspondingly amend the ad valorem tariffs imposed on U.S. goods as specified in Tax Commission Announcement No. 4 of 2025. A 24% tariff will be suspended for an initial period of 90 days, while retaining the remaining 10% tariff on these goods. Additionally, China will revoke the additional tariffs imposed under Tax Commission Announcements No. 5 and No. 6 of 2025 on these goods. 2. Implement necessary measures to suspend or revoke non-tariff countermeasures against the United States that have been in place since April 2, 2025.
Following the implementation of the above measures, both parties will establish a mechanism to continue consultations on economic and trade relations. The Chinese delegation will be led by Vice Premier He Lifeng, while the U.S. delegation will be headed by Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. Consultations may take place in China, the United States, or a mutually agreed third country. As needed, both sides may conduct working-level discussions on relevant economic and trade issues.