The high-level economic and trade talks between China and the United States were held in Geneva, Switzerland from May 10th to 11th local time. On May 12th, both sides released the Joint Statement of the China US Geneva Economic and Trade Talks. Both sides reached multiple positive consensuses in the joint statement and agreed to take relevant measures before May 14th. On May 12th Eastern Time, the US issued an executive order announcing the adjustment of the tariff measures imposed on China starting from 00:01 Eastern Time on May 14th. In order to implement the important consensus reached in the high-level economic and trade talks between China and the United States, the Tariff Commission of the State Council issued a notice today, adjusting the additional tariff rate stipulated in the "Announcement of the Tariff Commission of the State Council on Imposing Additional Tariffs on Imported Goods Originating in the United States" (Tariff Commission Announcement No. 4 of 2025) from 34% to 10%, and suspending the implementation of the 24% additional tariff rate on the United States for 90 days. Starting from 12:01 pm on May 14th, the implementation of the additional tariff measures stipulated in the "Announcement of the State Council Tariff Commission on Adjusting the Additional Tariff Measures on Imported Goods Originating from the United States" (Tariff Commission Announcement No. 5 of 2025) and the "Announcement of the State Council Tariff Commission on Adjusting the Additional Tariff Measures on Imported Goods Originating from the United States" (Tariff Commission Announcement No. 6 of 2025) will be suspended. The significant reduction of bilateral tariff levels between China and the United States this time is in line with the expectations of producers and consumers in both countries, beneficial to economic and trade exchanges between the two countries, and beneficial to the global economy. In addition, in response to other non-tariff countermeasures imposed by the United States after April 2, relevant Chinese departments will also temporarily suspend or cancel them in the near future. (New Society)