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May 12, 2025
Phase I Of The US-China Trade Talks In Geneva Are Successful And The US Celebrates The 250th Anniversary Of The 1st Convening Of The 2nd Continental Congress
Im happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity weve seen. We will be giving details tomorrow, but I can tell you that the talks were productive. We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning.
This was, as the Secretary pointed out, a very constructive two days. Its important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. That being said, there was a lot of groundwork that went into these two days. Just remember why were here in the first place the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and were confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.
The Government of the United States of America (the United States) and the Government of the Peoples Republic of China (China),
Recognizing the importance of their bilateral economic and trade relationship to both countries and the global economy;
Recognizing the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship;
Reflecting on their recent discussions and believing that continued discussions have the potential to address the concerns of each side in their economic and trade relationship; and
Moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect;
The Parties commit to take the following actions by May 14, 2025:
The United States will
(i) 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 said Order; and
(i) 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, and removing the modified additional ad valorem rates of duty on those articles 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; and
(ii) adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.
After taking the aforementioned actions, the Parties will establish a mechanism to continue discussions about economic and trade relations. The representative from the Chinese side for these discussions will be He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. side will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues.
SECURING ANOTHER HISTORIC DEAL: Today, on the heels of the brand-new deal with the United Kingdom, President Donald J. Trump reached an agreement with China to reduce Chinas tariffs and eliminate retaliation, retain a U.S. baseline tariff on China, and set a path for future discussions to open market access for American exports.
Today, the United States issued the first joint statement on trade in many years with China after successful negotiations over the weekend in Geneva, Switzerland.
Both parties affirmed the importance of the critical bilateral economic and trade relationship between both countries and the global economy.
For too long, unfair trade practices and Americas massive trade deficit with China have fueled the offshoring of American jobs and the decline of our manufacturing sector.
In reaching an agreement, the United States and China will each lower tariffs by 115% while retaining an additional 10% tariff. Other U.S. measures will remain in place.
Both sides will take these actions by May 14, 2025.
This trade deal is a win for the United States, demonstrating President Trumps unparalleled expertise in securing deals that benefit the American people.
CHINESE ACTIONS: China will remove the retaliatory tariffs it announced since April 4, 2025, and will also suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.
China will also suspend its initial 34% tariff on the United States it announced on April 4, 2025 for 90 days, but will retain a 10% tariff during the period of the pause.
AMERICAN ACTIONS: The United States will remove the additional tariffs it imposed on China on April 8 and April 9, 2025, but will retain all duties imposed on China prior to April 2, 2025, including Section 301 tariffs, Section 232 tariffs, tariffs imposed in response to the fentanyl national emergency invoked pursuant to the International Emergency Economic Powers Act, and Most Favored Nation tariffs.
The United States will suspend its 34% reciprocal tariff imposed on April 2, 2025 for 90 days, but retain a 10% tariff during the period of the pause.
The 10% tariff continues to set a fair baseline that encourages domestic production, strengthens our supply chains and ensures that American trade policy supports American workers first, instead of undercutting them.
By imposing reciprocal tariffs, President Trump is ensuring our trade policy works for the American economy, addresses our national emergency brought on by our growing and persistent trade deficit, and levels the playing field for American workers and producers.
Unlike previous administrations, President Trump took a tough, uncompromising stance on China to protect American interests and stop unfair trade practices.
WORKING TOWARDS A REBALANCING: When these changes come into effect, both nations agreed to establish a mechanism to continue important discussions about trade and economics.
The U.S. goods trade deficit with China was $295.4 billion in 2024the largest with any trading partner.
Todays agreement works toward addressing these imbalances to deliver real, lasting benefits to American workers, famers, and businesses.
As our nations continue these discussions, China will be represented by He Lifeng, Vice Premier of the State Council.
The United States will be represented by Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative.
ADDRESSING THE FENTANYL CRISIS: The United States and China will take aggressive actions to stem the flow of fentanyl and other precursors from China to illicit drug producers in North America.
I do recommend caution on celebrating this agreement because it is NOT a "done deal" trade agreement. It is only Phase I of the process. Each country agreed to take certain steps by May 14 and if these steps are not accomplished, everything could collapse. Should this Phase I of the agreement be completed satisfactorily, negotiations will recommence on May 14 and will continue until all issues of both countries are addressed.
. . . the governing body by which the American colonial governments coordinated their resistance to British rule during the first two years of the American Revolution. The Congress balanced the interests of the different colonies and also established itself as the official colonial liaison to Great Britain. As the war progressed, the Congress became the effective national government of the country, and, as such, conducted diplomacy on behalf of the new United States.
The Office of the Historian goes on to say:
The Congress first met in Philadelphia on September 5, 1774, with delegates from each of the 13 colonies except Georgia. . . . By the time Congress met again, war was already underway, and thus the delegates to the Second Continental Congress formed the Continental Army and dispatched George Washington to Massachusetts as its commander. . . .The Second Congress continued to meet until March 1, 1781, when the Articles of Confederation that established a new national government for the United States took effect.
On this day 250 years ago, a mighty assembly of statesmen, thinkers, lawyers, and patriots gathered at Independence Hall in Philadelphia, Pennsylvania, to formally convene a revolutionary body to guide America to its independence. On May 10, 1775, our Nations forefathers convened the Second Continental Congressa historic body that would go on to adopt the Declaration of Independence, the grandest and most important political document ever put to pen.
Following the famous shot heard round the world at the Battles of Lexington and Concord on April 19, 1775the first major armed hostilities of the Revolutionary War, in which the British Army attempted to seize American military supplies and arrest American leadersit became clear to the patriots that their conflict with the British Crown had escalated beyond mere disagreement. Despite the colonists tireless efforts on behalf of peace, war was all but certain. In the wake of the Boston Massacre, the imposition of the Intolerable Acts, and the lasting injustice of taxation without representation, Americans had formed the First Continental Congress in the fall of 1774 to seek redress for their grievances. By the spring of 1775, following the lives taken at Lexington and Concord, a new Congress was convenedand Americas righteous crusade for independence was formally underway.
Comprised of true American titans like John and Samuel Adams, Thomas Jefferson, Roger Sherman, Benjamin Franklin, John Hancock, James Madison, John Jay, and George Washingtonwhom Congress later appointed as the Commander in Chief of the Continental Armythe Second Continental Congress was made up of some of the boldest, fiercest, and most visionary men ever to walk the face of the Earth. This remarkable body would go on to preside over the Revolutionary War, establish critical international alliances, and maintain unity among the 13 Colonies as America secured its independence and ultimately emerged as a new Nation.
The Second Continental Congress set in motion our independence, our venerated political traditions, and the birth of the greatest Republic ever created. As we commemorate 250 years since its first convening, we recommit to the ideals of our Nations founding. We summon the courage of our Founding Fathers. Above all, as we approach 250 years of glorious independence, we proudly invoke the spirit of 1776 to build a proud, hopeful, and radiant future.
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