Local time from the 9th to the 10th, the first meeting of the China-US Economic and Trade Consultation Mechanism was held in London, UK. After the meeting ended at midnight on the 10th, Li Chenggang, China’s International Trade Representative and Vice Minister of Commerce, accepted media interviews to introduce the meeting’s situation.

Li Chenggang said that the Chinese and US sides had professional, rational, in-depth, and candid communications. The two sides have reached a framework in principle on implementing the consensus of the telephone conversation between the two heads of state on June 5 and the Geneva talks.

Since April 2025, on top of previously unilaterally imposed tariffs, the US government has added so-called “reciprocal tariffs” on China, to which China has resolutely and justly countered. Afterwards，the US escalated tariff measures in turns, increasing the “reciprocal tariff” rate on China from 34% in the first round to 84% and 125% successively.

US high tariffs have severely damaged normal bilateral economic and trade exchanges and seriously disrupted international economic and trade order. The joint statement reached at the first talks on May 12 was an important step for both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.

The two sides reached many positive consensuses in the joint statement. Both sides recognize the importance of bilateral economic and trade relations to the two countries and the global economy, as well as the importance of a sustainable, long-term, and mutually beneficial bilateral economic and trade relationship, and will continue to advance related work in the spirit of mutual openness,

continuous communication, cooperation, and mutual respect. The two sides agreed to jointly take the following measures:

The US promises to cancel a total of 91% of the tariffs imposed on Chinese goods under Executive Orders 14259 of April 8, 2025, and 14266 of April 9, 2025, and modify the 34% reciprocal tariff imposed on Chinese goods under Executive Order 14257 of April 2, 2025, of which 24% of the tariff will be suspended for 90 days, retaining the remaining 10%. Correspondingly, China will cancel a total of 91% of the countervailing tariffs imposed on US goods; for the 34% countervailing tariffs against US reciprocal tariffs, 24% of the tariffs will be correspondingly suspended for 90 days, and the remaining 10% will be retained. China will also correspondingly suspend or cancel non-tariff countermeasures against the US.

The two sides unanimously agreed to establish a China-US economic and trade consultation mechanism to maintain close communication on respective concerns in the economic and trade field and carry out further consultations. The Chinese representative is Vice Premier He Lifeng, and the US representatives are Treasury Secretary Besent and Trade Representative Greer. The two sides will hold consultations regularly or irregularly in China, the US, or a third country as agreed. As needed, the two sides can carry out working-level consultations on relevant economic and trade issues.