Implementing important consensus reached in China-US high-level economic and trade talks, China will adjust additional tariffs on US goods.

From May 10th to 11th local time, the China-US high-level economic and trade talks were held in Geneva, Switzerland. On May 12th, the two sides issued the "Joint Statement of China-US Geneva Economic and Trade Talks". They reached multiple positive agreements in the joint statement and agreed to take relevant measures before May 14th. On May 12th, US Eastern Time, the US issued an executive order announcing that from 12:01 am on May 14th Eastern Time, adjustments will be made to the additional tariffs imposed on China. In order to implement the important consensus reached in the China-US high-level economic and trade talks, the Customs Tariff Commission of the State Council issued a notice today, adjusting the additional tariff rate imposed on imported goods from the US from 34% to 10% starting at 12:01 on May 14th. The additional tariff rate of 24% imposed on US imports will be suspended for 90 days. Also, the additional tariff measures specified in previous notices will be stopped. The significant reduction in bilateral tariff levels between China and the US this time meets the expectations of producers and consumers in both countries and is beneficial for economic and trade exchanges between the two countries and for the global economy. In addition, relevant departments of China will also suspend or cancel other non-tariff retaliatory measures taken against the US after April 2nd.