The Government of the People's Republic of China (‘China’) and the Government of the United States of America (‘United States’).

The Government of the People's Republic of China (‘China’) and the Government of the United States of America (‘United States’).

Recognise the importance of bilateral economic and trade relations for both countries and the global economy;

Recognise the importance of a sustainable, long-term, and mutually beneficial bilateral economic and trade relationship;

In light of recent discussions between the Parties, believe that continued consultations will help to address the concerns of the Parties in the area of trade and commerce;

To continue to move forward in a spirit of mutual openness, ongoing communication, cooperation and mutual respect;

The Parties commit to the following initiatives to be undertaken by 14 May 2025

The United States will (i) modify the ad valorem tariffs on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, with 24 percent of the tariffs suspended for an initial period of 90 days, while retaining the remaining 10 percent of the tariffs on those goods as set forth in that Executive Order; (ii) cancel the tariffs on these goods under Executive Order 14258 of April 8, 2025 Executive Order 14259 of 8 April 2025 and Executive Order 14266 of 9 April 2025 to impose the tariffs on these goods.

China will (i) accordingly modify the ad valorem tariffs imposed on U.S. goods under Tax Commission Notice No. 4 of 2025, of which the 24 percent tariff will be suspended for an initial period of 90 days, while retaining the tariffs imposed on these goods for the remaining 10 percent and cancelling the tariffs imposed on these goods pursuant to Tax Commission Notices Nos. 5 and 6 of 2025; (ii) take the necessary measures to suspend or cancel the tariffs imposed on these goods as of 2 April 2025 against non-tariff countermeasures against the United States.

Following these initiatives, the two sides will establish a mechanism to continue consultations on economic and trade relations. The Chinese side will be represented by Vice Premier He Lifeng, and the U.S. side will be represented by Secretary of the Treasury Scott Besant and U.S. Trade Representative Jamison Greer. Consultations may take place in China, the United States, or a third country as agreed by the parties. As needed, the two sides may conduct working-level consultations on relevant economic and trade issues.