The governments of China and the US released a joint statement on May 12, 2025, announcing a significant easing of trade tensions, with both sides agreeing to roll back certain tariffs and resume high-level consultations aimed at stabilizing economic relations. The move is seen as a strategic effort to de-escalate ongoing trade frictions and reestablish a framework for long-term, mutually beneficial economic cooperation.
According to the statement, both nations have committed to specific tariff adjustments by May 14, 2025.
The US will amend tariffs imposed on Chinese goods under Executive Order No. 14257, suspending a 24% ad valorem tariff for an initial 90-day period while retaining a 10% tariff. Additionally, tariffs introduced under Executive Orders No. 14259 and No. 14266 will be fully revoked.
China will take parallel action by adjusting tariffs outlined in Tax Commission Announcement No. 4 of 2025. The country will suspend its own 24% tariffs on US goods for 90 days, maintain a 10% tariff, and cancel further tariffs issued under Announcements No. 5 and No. 6. Furthermore, China will pause or eliminate non-tariff retaliatory measures initiated since April 2, 2025.
The two countries will also establish a formal mechanism to continue trade talks, involving key representatives: China's Vice Premier He Lifeng, US Secretary of the Treasury Scott Bessent, and US Trade Representative Jamieson Greer. These consultations may take place in either country or a mutually agreed third location.
The joint commitment signals a thaw in bilateral economic tensions and highlights renewed efforts to pursue solutions through dialogue and diplomacy.
Article edited by Jack Wu
