China will suspend the 24% tariff on U.S. goods for 90 days, retaining the remaining 10% tariff

PANews reported on May 12 that according to the Ministry of Commerce News Office, China and the United States issued a joint statement during the Geneva economic and trade talks, and the two sides promised to take specific measures to ease economic and trade frictions before May 14, 2025.

China will adjust the advancing tariffs imposed on U.S. goods. Among them, 24% of the tariff will be suspended within the first 90 days, while the remaining 10% tariffs imposed on these commodities will be retained, and the relevant tariffs imposed according to the Tax Committee Announcement No. 5 and No. 6 of 2025 will be cancelled. In addition, China will also take necessary measures to suspend or cancel non-tariff countermeasures against the United States from April 2, 2025.

At the same time, the United States has also promised to adjust its adjudication tariff policy on Chinese goods by May 14, 2025. According to Executive Order No. 14257 of April 2, 2025, the United States will suspend the implementation of 24% tariff for 90 days, but retain the remaining 10% tariff, and cancel the tariffs imposed on Chinese goods under Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025.