What China, US have agreed in previous economic, trade consultations

Chinese and US teams on Sunday held candid, in-depth and constructive exchanges during consultations on economic and trade issues, and they also held dialogues on AI-related issues.

Chinese Vice Premier He Lifeng, who led the Chinese delegation, held economic and trade talks in New York with US Treasury Secretary Scott Bessent, head of the US side, and US Trade Representative Jamieson Greer.

Guided by the important consensus reached by the heads of state of the two countries, and by upholding the principles of mutual respect, peaceful coexistence and win-win cooperation, they have engaged in exchanges on important economic and trade issues of common concern, as well as the implementation of consensus reached in previous talks.

Here is a recap of key takeaways from those previous rounds of consultations.

May 10-11, 2025 – Geneva, Switzerland 1.

China and the United States issued a joint statement on the bilateral economic and trade meeting in Geneva.

2.

Both sides agreed to slash tariffs on each other's goods.

The US committed to remove 91% in tariffs, and suspend 24% in "reciprocal tariffs" for 90 days.

China would accordingly remove 91% in counter tariffs and suspend 24% in counter tariffs for 90 days.

The two countries respectively retain the remaining 10% in tariffs.

3.

Both sides agreed to establish a China-US economic and trade consultation mechanism.

June 9-10, 2025 – London, United Kingdom 1.