The joint statement on China-U.S. Economic and Trade Meeting in Geneva is an important step toward resolving differences between the two countries through equal dialogue and consultation, a spokesperson with the Ministry of Commerce said Monday.
Over the weekend, Chinese Vice Premier He Lifeng, the Chinese lead person for China-U.S. economic and trade affairs, held a high-level meeting with U.S. lead person Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.
The two sides conducted in-depth, candid and constructive communication on implementing the important consensus reached by the heads of state of the two countries on Jan 17, and reached a series of major consensuses.
At 09:00 local time Monday, the two sides issued the Joint Statement on China-U.S. Economic and Trade Meeting in Geneva. The spokesperson of the Ministry of Commerce made a statement on this.
According to a statement released on the ministry's website, the spokesperson said the two sides reached many positive consensuses in the joint statement.
Both sides recognize the importance of bilateral economic and trade relations to both countries and the global economy, as well as the importance of sustainable, long-term and mutually beneficial bilateral economic and trade relations, said the statement.
In the spirit of openness, continuous communication, cooperation, and mutual respect, they agree to further advance relevant work and take the following measures:
The U.S. commits to remove 91 percentage points of the tariffs imposed on Chinese goods under Executive Order 14259 issued on April 8 and Executive Order 14266 issued on April 9, and modifies the 34 percentage points retaliatory tariffs imposed under Executive Order 14257 on April 2 by suspending 24 percentage points of it for 90 days while retaining the remaining 10 percentage points.
Correspondingly, China will remove 91 percentage points of its counter-tariffs on U.S. goods, suspend 24 percentage points of its counter-tariffs for 90 days in response to the U.S. "reciprocal" tariffs, and retain the remaining 10 percentage points.
China will also correspondingly suspend or remove non-tariff countermeasures against the United States.
The two sides agree to establish a China-U.S. economic and trade consultation mechanism to maintain close communication and conduct further consultations on economic and trade issues of mutual concern.
Consultations will be held regularly or as needed, alternating between China, the United States, or mutually agreed-upon third countries. Working-level consultations can also be conducted on specific trade issues as required.
The two-day China-U.S. high-level meeting on economic and trade affairs makes substantial progress and significantly reduces the level of bilateral tariffs.
The removal of 91 percentage points of the additional tariffs by both sides, along with the 90-day suspension of 24 percentage points of "reciprocal" tariff rate, aligns with the expectations of producers and consumers in both countries and serves the interests of both nations and the international community.
"We hope that the U.S. side will build on this meeting and continue to work with China to thoroughly correct the wrong practice of unilateral tariff, continuously strengthen mutually beneficial cooperation, and maintain the healthy, stable and sustainable development of China-U.S. economic and trade relations, to jointly inject more certainty and stability into the world economy," the spokesperson said in conclusion.
China-US joint statement important step toward resolving differences: commerce ministry
China-US joint statement important step toward resolving differences: commerce ministry
China-US joint statement important step toward resolving differences: commerce ministry
