In a significant breakthrough in Geneva on May 12, the Chinese mainland and the U.S. unveiled a joint statement that temporarily suspends tariffs for 90 days. This move comes after two days of intensive talks, signaling a fresh start in easing trade tensions and setting the stage for ongoing dialogue.
The agreement establishes clear mechanisms for further negotiations, with Chinese Vice Premier He Lifeng engaging closely with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. This coordinated effort highlights the commitment on both sides to find common ground beyond just trade matters.
Global markets and national governments alike are breathing a sigh of relief. The International Monetary Fund recently warned that rising tariffs could slow down economic growth, a concern that this temporary pause might alleviate. Even Malaysian Prime Minister Anwar Ibrahim noted that high tariffs could disrupt vital trade bonds for countries dependent on international commerce.
While this joint statement marks a promising first step, experts agree that more work is needed to build a sustainable and robust trade relationship. It’s a bit like an unexpected plot twist in your favorite Netflix series 📺, setting the stage for further developments and renewed optimism in global economic ties. Stay tuned for what comes next! 🚀
Reference(s):
China-U.S. joint statement a good foundation, more needs to be done
cgtn.com
