China and US to suspend 24% tariffs

China and the United States have agreed to mutually suspend the implementation of 24-percentage-point tariffs starting May 14 for an initial 90-day period, according to a joint statement released by both countries.

On May 10–11, China and the U.S. held high-level trade and economic talks in Geneva.

The statement notes that the U.S. will revoke the additional tariffs imposed under executive orders issued on April 8 and April 9.

In turn, China will cancel the additional tariffs scheduled for 2025 that were established by decrees of the Tariff and Classification Committee under the State Council of the People’s Republic of China. China will also suspend or revoke non-tariff countermeasures introduced against the U.S. starting April 2.

The joint statement also stated that “China and the U.S. will establish a mechanism to continue negotiations on trade and economic relations.”