Customs duties: Beijing and Washington sign a trade “ceasefire”
After two days of negotiations in Geneva, China and the United States agreed on Monday, May 12, to suspend their trade war for three months. With one caveat: what is being billed as an agreement in Washington is being viewed as a "consultation process" in Beijing.
“A spirit of openness, continuous communication, cooperation and mutual respect” … How long ago it seems, the time when Washington and Beijing described their bilateral relationship in these terms, seriously undermined by the trade war between the two superpowers , especially since Donald Trump's return to power.
These fine resolutions date back to Monday, May 12: taken up by the Renmin Ribao ( People's Daily ), they are written in black and white in the joint communiqué published by China and the United States the day after a series of bilateral meetings held this weekend in Geneva.
With a very concrete transcription: the two parties agree to suspend the astronomical customs duties they had imposed on each other for ninety days. On the American side, the taxes are reduced from 145 to 30%, while on the Chinese side they are reduced from 125 to 10%.
Quoted by the Shanghai newspaper Pengpai Xinwen , Vice Premier He Lifeng, chief negotiator of the Chinese delegation, believes that “these discussions mark an important step towards resolving differences through dialogue and consultation on an equal footing,” in a
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