The United States and China will suspend a part of their punitive customs duties for 90 days. This is what we read in a US-China joint press release from Geneva. According to the declaration, the suspension will enter into force “by May 14”.
China will review “additional duties” on the import of US goods, reported the Ministry of Commerce, regarding the joint note after the Geneva negotiations.
By May 14, the United States “will change the application of the additional value to value on customs duties of Chinese origin (including those of the special regions of Hong Kong and Macao), suspending 24 percentage points of this rate for an initial period of 90 days, while maintaining the remaining value of value of 10% on these items”.
China, for its part, will consequently change the application of the additional rate to value on the articles of the United States, “suspending 24 percentage points of this rate for an initial period of 90 days and while maintaining the remaining additional value of value of 10% on these items”.
After adopting the agreed measures, “the parties will establish a mechanism to continue the discussions on economic and commercial relationships.
Intervening in Geneva, The US secretary to Treasury Scott Beesent said that China and USA “will reduce their duties of 115%”after agreeing on a 90 -day break. The international media reports it. After this measure, the United States they will reduce the duties on China to 30% (before they were at 145%, editor’s note) while China lowers those on the United States to 10% (before they were 125%, ed.): The US Treasury Secretary Scott Beesent clarifies him.
Besent, in the press conference held in Geneva, gave the authentic interpretation of what was agreed with China. “We have reached an agreement for a 90 -day break”, which will lead the parties to break down the duties of 115%.
In detail, this is a 24% cut to additional US value -value rates on customs duties on Chinese assets (including Hong Kong and Macao) regarding the executive order 14257 of American president Donald Trump of April 2, while maintaining the remaining rate of 10%, as well as the removal of the subsequent rates of the ordinances 14259 of April 8 and 14266 of April 9, 2025.
China, therefore, will make a mirror cut up to bring the 10% rate to the Made in the USA assets, compared to what is established by the announcement of the Commission of Customs Rates n. 4 of 2025, “suspending 24 percentage points of this rate for an initial 90 -day period” and removing the subsequent ones of customs ads n. 5 and n. 6 of 2025.
Furthermore, Beijing has undertaken to adopt “all the administrative measures necessary to suspend or revoke the non -tariff countermeasures adopted against the United States since April 2, 2025”.
Usa and China, with their joint declaration, recognized “the importance of their bilateral economic and commercial relationships for both countries and for the global economy”, as well as “the importance of having a sustainable, long -term and mutually advantageous economic and commercial relationship”. Reflecting on recent interviews and believing that the continuation of the discussions can contribute to dealing with the concerns of both sides in their economic and commercial relationships, the parties have decided to proceed “in a spirit of mutual opening, continuous communication, cooperation and respect”
He and Bessent guided the consultation mechanism
Deputy Prime Minister He Lifeng, for the Chinese part, and the Treasury Secretary Scott Besent and the representative for trade Jamieson Greer, for that, will guide delegations “in the consultation mechanism to continue the discussions on economic and commercial relations”. This is expected to be the joint declaration China-USA after the interviews on the trade held in Geneva. Discussions “may take place alternately in China and the USA, or in a third country, after agreement between the parties”. If necessary, the two parties “will be able to conduct operational consultations on relevant economic and commercial issues”.