From May 10 to 11, China and the United States held high-level economic and trade talks in Switzerland. At about 3 pm Beijing time on the 12th, the two countries simultaneously issued a joint statement on the Sino-US Geneva economic and trade talks. Both sides promised to significantly reduce the tariffs imposed on each other over the past month by May 14, 2025 to continue to advance negotiations.

Specifically, the two sides retain a 10% tariff on each other's goods, and the 24% tariff will be suspended for 90 days. All other new tariffs will be canceled. China will also "suspend or cancel" non-tariff countermeasures against the United States, which may involve China's export ban on rare earth products to the United States.

But this does not include the 20% tariffs imposed by the United States on China twice in early February and early March this year on the grounds of the fentanyl crisis. This means that after Trump took office, China's new tariffs on the United States will be 10%, and the United States will impose 30% on Huawei. It is not clear whether the minimum duty-free amount for exports to China and the Hong Kong Special Administrative Region will be restored.

US Treasury Secretary Benson said that the two sides will reduce the tariffs imposed on each other by 115 percentage points. He said both countries represented their national interests well and that "balanced trade is good for both of us, and the United States will continue to move toward that goal."