No Tariffs for 90 Days! China and the US Reach a Temporary Economic Agreement

The Government of the People’s Republic of China (“China”) and the Government of the United States of America (“USA”), according to a report by Beijing-based Xinhua news agency on August 12, and based on the China-US Joint Statement on the Geneva Economic and Trade Talks reached on May 12, 2025, reportedly agreed to again suspend the application of the 24 percent tariff for 90 days starting August 12, 2025.

The two sides recalled their commitments under the Geneva Joint Statement and agreed to take the following measures by August 12: 2025:

1. The United States will continue to modify the implementation of additional ad valorem tariffs on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as set forth in Executive Order No. 14257 of April 2, 2025, and will again suspend the application of the 24% tariff for 90 days starting August 12, 2025, while maintaining the remaining 10% tariff imposed on such goods as set forth in the Executive Order.

2. China will continue to (i) modify the implementation of ad valorem tariffs on U.S. goods as set forth in the Tax Commission’s Announcement No. 4 of 2025, suspending the 24% tariff for an additional 90 days starting August 12, 2025, while maintaining the remaining 10% tariff on such goods; and (ii) adopting or maintaining measures necessary to suspend or cancel non-tariff countermeasures against the United States, as agreed in the Geneva Joint Declaration.

This joint statement is based on discussions held during the China-US Stockholm Economic and Trade Talks. The discussions were held under the Geneva Joint Declaration. The Chinese representative was Vice Prime Minister He Lifeng, while the US representatives were Treasury Secretary Scott Besant and US Trade Representative Jamison Greer.

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