BEIJING: A joint statement on the China-U.S. economic and trade meeting in Swedish capital Stockholm was issued hours before a trade truce between Washington and Beijing was due to expire on Tuesday.
According to the statement published by Xinhua News Agency, China will continue to suspend its earlier tariff hike for 90 days, starting August 12, while retaining a 10-percent duty. It would also take necessary measures to suspend or remove non-tariff countermeasures against the U.S., the statement added.
Around the same time, U.S. President Donald Trump signed an executive order to extend the tariff suspension on China for another 90 days. The halt will be in place until November 10.
Here is the full text of the joint statement:
Joint Statement on China-U.S. Economic and Trade Meeting in Stockholm
The Government of the People’s Republic of China (“China”) and the Government of the United States of America (the “United States”),
Recalling the Joint Statement on China-U.S. Economic and Trade Meeting in Geneva on May 12, 2025 (“Geneva Joint Statement”); and
Reflecting on their meetings in London on June 9 and 10, 2025, and in Stockholm on July 28 and 29, 2025;
The Parties recall the commitments under the Geneva Joint Statement and agree to take the following actions by August 12, 2025:
1. The United States will continue to 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 Macao Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an additional period of 90 days, starting on August 12, 2025, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said Order.
2. China will continue to (1) modify the application of the additional ad valorem rate of duty on articles of the United States set forth in the Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an additional period of 90 days, starting on August 12, 2025, while retaining the remaining additional ad valorem rate of 10 percent on those articles, and (2) adopt or maintain all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States as agreed in the Geneva Joint Statement.
This Joint Statement is based on the discussions that took place during the China-U.S. Economic and Trade Meeting in Stockholm, which was held under the mechanism established by the Geneva Joint Statement. The representative from the Chinese side for this meeting was He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. side were Scott Bessent, Secretary of Treasury, and Jamieson Greer, United States Trade Representative.
