China and the United States on Monday announced a series of tariff adjustment measures aimed at easing trade tensions between the world's two largest economies, according to a joint statement issued by both governments in Geneva.

The announcement came after a two-day high-level meeting on economic and trade affairs in Switzerland. Both sides, over the weekend, acknowledged the critical role of their bilateral trade relationship in supporting the economies of both countries and the broader global economy.

The US has committed to removing 91 percent of the additional tariffs imposed on Chinese goods under two executive orders issued in April. It will also adjust 34 percent of the reciprocal tariffs imposed under a separate executive order dated April 2, by suspending 24 percent for an initial period of 90 days, while maintaining the remaining 10 percent.

In response, China will eliminate 91 percent of its counter-tariffs on US goods. For the 34 percent of counter-tariffs corresponding to the US measures, China will suspend 24 percent for 90 days and retain the remaining 10 percent. Additionally, the country will suspend or remove its non-tariff countermeasures against the US accordingly.

In the joint statement, the two sides have committed to implement the actions by May 14 and emphasized the importance of building a sustainable, long-term and mutually beneficial economic partnership. They will establish a mechanism to continue discussions about economic and trade relations.

Full text: Joint Statement on China-US Economic and Trade Meeting in Geneva