China-US tariffs, reduced by 115%!

In the spirit of mutual openness, continuous communication, cooperation and mutual respect, China and the United States commit to take the following tariff measures before May 14, 2025.
Xinhua News Agency, Geneva, May 12, the Government of the People's Republic of China ("China") and the Government of the United States of America ("the United States"),
Recognize the importance of bilateral economic and trade relations to the two countries and the global economy;
Recognize the importance of sustainable, long-term and mutually beneficial bilateral economic and trade relations;
In view of the recent discussions between the two sides, it is believed that continued consultations will help resolve the issues of concern to both sides in the economic and trade fields;
In the spirit of mutual openness, continuous communication, cooperation and mutual respect, continue to advance relevant work;
The two sides commit to May 14, 2025. The United States will (i) amend the additional ad valorem tariffs on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as provided for in Executive Order No. 14257 of April 2, 2025, of which 24% of the tariffs will be suspended for an initial 90 days, while retaining the remaining 10% tariffs on these goods as provided for in the Executive Order; (ii) cancel the additional tariffs on these goods pursuant to Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025. China will (i) accordingly amend the ad valorem tariffs imposed on U.S. goods as stipulated in the Tax Commission Announcement No. 4 of 2025, of which 24% of the tariffs will be suspended for the first 90 days, while retaining the remaining 10% of the tariffs on these goods, and canceling the tariffs on these goods imposed in accordance with the Tax Commission Announcements No. 5 and No. 6 of 2025; (ii) take necessary measures to suspend or cancel the non-tariff countermeasures against the United States from April 2, 2025.
After taking the above measures, the two sides will establish a mechanism to continue consultations on economic and trade relations. The Chinese representative is Vice Premier He Lifeng, and the U.S. representative is Secretary of the Treasury Scott Bessant and U.S. Trade Representative Jamison Greer. The consultations can be held in China, the United States, or a third country agreed by both parties.
As needed, the two sides may conduct working-level consultations on relevant economic and trade issues.
To sum it up in one sentence, before May 14, China's tariff on US goods will be reduced from 125% to 10% for 90 days; the US tariff on Chinese goods will be reduced from 145% to 30% for 90 days.