The Ministry of Commerce Photo: VCG

A spokesperson for China's Commerce Ministry said on Monday that the high-level economic and trade talks between China and the US have achieved substantial progress, resulting in a major reduction in bilateral tariffs.

The US has canceled a total of 91 percent of its additional tariffs, and China has correspondingly canceled 91 percent of its counter-tariffs; The US has suspended the implementation of a 24 percent "reciprocal tariff," and China has also correspondingly suspended the implementation of a 24 percent counter-tariff, the spokesperson said in a statement.

This move is in line with the expectations of producers and consumers in both countries, and is in the interests of both countries and the world. "We hope that the US will continue to work with China to meet each other halfway based on this meeting, thoroughly correct the wrong practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, maintain the healthy, stable and sustainable development of China-US economic and trade relations, and jointly inject more certainty and stability into the world economy," the spokesperson said.

Since April 2025, the US has imposed so-called "reciprocal tariffs" on top of previous unilateral tariff hikes against China. In response, China took firm and legitimate countermeasures. The US later escalated its tariffs in multiple rounds, raising the "reciprocal tariff" rate from 34 percent to 84 percent and eventually 125 percent, seriously disrupting normal bilateral trade and undermining the global economic order, according to the spokesperson.

The joint statement reached in the latest talks marks a key step toward resolving disputes through dialogue and lays the groundwork for deeper cooperation. Both sides acknowledged the importance of a stable, long-term, and mutually beneficial trade relationship—not only for China and the US but for the global economy. They agreed to continue work in a spirit of openness, extensive communication, cooperation, and mutual respect, the spokesperson said.

The two sides agreed to establish a China-US economic and trade consultation mechanism to maintain close communication on their respective concerns in the economic and trade fields and conduct further consultations. The two sides will hold consultations regularly or irregularly in China and the US, or in a third country as agreed. The two sides may hold working-level consultations on relevant economic and trade issues as needed, according to the spokesperson.


Global Times