Beijing, China - May 12, 2025 (CGTN - No access Chinese mainland)
1. Graphics showing content of joint statement on China-U.S. Economic and Trade Meeting, actions to be taken by two sides by May 14, 2025

FILE: Beijing, China - Date Unknown (CCTV - No access Chinese mainland)
2. Various of Tian'anmen Rostrum, Chinese national flag

FILE: Shanghai, China - Date Unknown (CCTV - No access Chinese mainland)
3. Aerial shots of cityscape

FILE: Wuyi County, Jinhua City, Zhejiang Province, east China - Date Unknown (CCTV - No access Chinese mainland)
4. Various of robotic arms working

FILE: Tianjin Municipality, north China - Recent (CCTV - No access Chinese mainland)
5. Various of cargo ships, containers at port


FILE: Washington D.C., USA - October 2024 (CCTV Video News Agency - No access Chinese mainland)
6. Various of White House
7. Various of Capitol building, U.S. national flag

Los Angeles, USA - Recent (CCTV - No access Chinese mainland)
8. Various of scenes of Port of Los Angeles

FILE: Los Angeles, USA - Date Unknown (CGTN - No access Chinese mainland)
9. Various of crane moving container at port
10. Containers at port

FILE: New York City, USA - Oct 2024 (CCTV Video News Agency - No access Chinese mainland)
11. Port scene, Statue of Liberty

FILE: Los Angeles, USA - Nov 9, 2017 (CCTV - No access Chinese mainland)
12. Various of loaded ships, containers at port

China and the United States announced Monday a series of tariff modification measures aimed at easing trade tensions between the world's two largest economies.

The decision followed a two-day China-U.S. high-level meeting on economic and trade affairs in Geneva, Switzerland, during which the two sides conducted candid, in-depth and constructive communication on implementing the important consensus reached during the phone call between Chinese President Xi Jinping and U.S. President Donald Trump on Jan 17 this year, and reached a series of important consensus in the economic and trade fields.

In a joint statement released on Monday morning, both sides said they will take a number of actions by Wednesday.

The United States will modify the application of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of the said Order.

It will also remove the modified additional ad valorem rates of duty on those articles (totaling 91 percentage points) imposed by Executive Order 14259 of April 8, 2025 and Executive Order 14266 of April 9, 2025.

China will modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles.

China will remove the modified additional ad valorem rates of duty on those articles (totaling 91 percentage points) imposed by Announcement of the Customs Tariff Commission of the State Council No. 5 of 2025 and Announcement of the Customs Tariff Commission of the State Council No. 6 of 2025, said the statement.

It will also adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.

Recognizing the importance of their bilateral economic and trade relationship to both countries and the global economy, and moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect, the two sides agreed to establish a mechanism to continue discussions about economic and trade relations, according to the statement.

Ad valorem tax is a tax based on the assessed value of assets, goods or services being taxed.