Latest news with #tradeconsultation
Globe and Mail
2 days ago
- Business
- Globe and Mail
CGTN: China, U.S. reach principled consensus after in-depth, candid trade talks
BEIJING, June 11, 2025 (GLOBE NEWSWIRE) -- Following the conclusion of the first meeting of the China-U.S. economic and trade consultation mechanism in London, CGTN published an article summarizing the key outcomes and progress achieved. The article underscores China's commitment to dialogue based on equality and mutual benefit, emphasizes the importance of cooperation over confrontation, and reaffirms that resolving trade issues through constructive engagement serves the interests of both countries and contributes to global economic development. China and the United States have made new progress in addressing each other's economic and trade concerns after their two-day in-depth and candid trade talks in London, according to a statement released by the Chinese side on Wednesday. From June 9 to 10 (local time), the world's two largest economies held their first meeting of the China-U.S. economic and trade consultation mechanism. They reached a principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva. Chinese Vice Premier He Lifeng, Beijing's lead person for China-U.S. trade and economic affairs, attended the meeting with Washington's lead person Treasury Secretary Scott Bessent, U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. He called the meeting an important consultation under the strategic guidance of the two heads of state. Noting that the essence of China-U.S. economic and trade relations lies in mutual benefit and win-win cooperation, the vice premier said cooperation between China and the United States in the economic and trade field benefits both sides, while confrontation harms both. He also urged the United States to resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, adding that while China is sincere in pursuing economic and trade consultations, it also has its principles. The latest meeting presented an opportunity for both sides to clarify the outstanding economic and trade issues and help steer bilateral relations back on track, Sun Taiyi, an associate professor of political science at Christopher Newport University in the United States, told CGTN. Trade ties benefit both The first meeting of the China-U.S. economic and trade consultation mechanism took place almost a month after both sides made substantial progress at a high-level meeting, May 10-11, in Geneva, Switzerland. In a joint statement issued on May 12, China and the U.S. agreed to significantly reduce bilateral tariff levels. The U.S. lifted 91 percent of its additional tariffs on Chinese goods, with China reciprocating by removing 91 percent of its retaliatory tariffs on U.S. imports. Additionally, the U.S. suspended 24-percent "reciprocal tariffs" for 90 days while China similarly halted its corresponding countermeasures. During their phone call last week, Chinese President Xi Jinping said the meeting in Geneva marked an important step forward in resolving economic and trade issues through dialogue and consultation and was welcomed by both societies and the international community, while U.S. President Donald Trump called it very successful and said it produced a good deal, pledging that the U.S. will work with China to execute the deal. Immediately following the adjustment of tariff policies, container bookings from China to the U.S. surged by nearly 300 percent, according to Vizion, a container tracking data provider. A manager at a cargo warehouse at Yantian Port in Shenzhen, which handles over a quarter of China's total export volume to the U.S., told China Media Group that inbound container volume had surged by over 60 percent, jumping from approximately 120 to more than 200 containers on a daily basis at the end of May. The tariff war is like a reality check, proving that China is an important market as well as a supplier of goods for the U.S., said Michael Hart, president of the American Chamber of Commerce in China, last month. Following the London meeting, China's international trade representative, Li Chenggang, said it is hoped that progress made will be conducive to strengthening trust between China and the U.S. and further promoting the steady and healthy development of economic and trade ties between the two countries. Professor Sun told CGTN that the Chinese and U.S. sides have demonstrated their respective strategic capabilities and established a clear understanding of each other's positions in London. The meeting has led to a mutual recognition that cooperation – and pursuing mutually beneficial outcomes – serves their interests better than prolonged confrontation, which would ultimately prove detrimental to both, he added. Contact:
Globe and Mail
2 days ago
- Business
- Globe and Mail
CGTN: China-U.S. trade talks in London receive positive market reception
With the first meeting of the China-U.S. economic and trade consultation mechanism set to continue in London on Tuesday, CGTN publishes an article discussing the significance of the highly anticipated talks and the global expectations surrounding them. The article also highlights China's attitude and stance on the trade talks, stressing the importance of China-U.S. cooperation in achieving mutually beneficial outcomes.
South China Morning Post
12-05-2025
- Business
- South China Morning Post
Ceasefire in trade war is only the start to push for long-lasting peace
The world can breathe a sigh of relief on two counts after a weekend of talks between the top economic officials of China and the United States on their trade war. One is an agreement to pause steep trade tariffs between the two nations for 90 days; the other is agreement to establish a 'trade consultation mechanism' to head off potential crises, like the escalation of the trade war triggered by President Donald Trump's tariff blitz. The new mechanism has a window of 90 days to defuse the threat to the global economy posed by tariffs. Advertisement The two sides, led by Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent, agreed to remove most of the tariffs imposed since April 2, a breakthrough that could help resolve a trade war that has raised import duties to unprecedented levels. The world has a stake in the high-level talks that lie ahead between the world's two biggest economies. It needs them to keep talking for as long and as often as necessary to take trade-killing protectionist measures off the table for good. A breakdown in the talks would roil markets and increase the risk of global recession. The trade consultation mechanism is a platform for regular high-level contact on trade issues of serious concern to both sides. It will be a safety valve to ease tension that has been notably absent during big tit-for-tat tariff increases initiated by the US. The need for such dialogue – conducted in mutual trust and respect – between the two top trading powers is so important that it can be counterproductive to quibble over terminology. But it can also be revealing. He Lifeng said the two sides had taken important steps to resolve differences through equal dialogue and consultation. Trump hailed a 'total reset' and the White House referred to a 'trade deal'. This reflects a nuanced difference between talks and negotiations. The real negotiations on how to avoid crippling tariff structures between the two sides are to come. The trade consultation mechanism evokes comparison with the 'strategic and economic dialogue' established by former presidents Hu Jintao and Barack Obama in 2011, renamed in 2017 under then president Trump and finally abandoned after one meeting. Hopefully, the new mechanism will prove a more enduring platform for airing and resolving trade disputes. That said future talks still face issues, such as tariffs imposed under Trump 1.0 that remain in place. Advertisement A more confident China is seen on the winning side, with the US seen as having backed down. This comes on the heels of President Xi Jinping's talks in Moscow with President Vladimir Putin – a reminder that Beijing has developed its own networks of trade and diplomacy. China does not fear US containment, but does want to maintain good relations as part of a more comprehensive and holistic pattern.
South China Morning Post
12-05-2025
- Business
- South China Morning Post
Ceasefire in trade war is only the start to push for long-lasting peace
The world can breathe a sigh of relief on two counts after a weekend of talks between the top economic officials of China and the United States on their trade war. One is an agreement to pause steep trade tariffs between the two nations for 90 days; the other is agreement to establish a 'trade consultation mechanism' to head off potential crises, like the escalation of the trade war triggered by President Donald Trump's tariff blitz. The new mechanism has a window of 90 days to defuse the threat to the global economy posed by tariffs. The two sides, led by Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent, agreed to remove most of the tariffs imposed since April 2, a breakthrough that could help resolve a trade war that has raised import duties to unprecedented levels. The world has a stake in the high-level talks that lie ahead between the world's two biggest economies. It needs them to keep talking for as long and as often as necessary to take trade-killing protectionist measures off the table for good. A breakdown in the talks would roil markets and increase the risk of global recession. The trade consultation mechanism is a platform for regular high-level contact on trade issues of serious concern to both sides. It will be a safety valve to ease tension that has been notably absent during big tit-for-tat tariff increases initiated by the US. The need for such dialogue – conducted in mutual trust and respect – between the two top trading powers is so important that it can be counterproductive to quibble over terminology. But it can also be revealing. He Lifeng said the two sides had taken important steps to resolve differences through equal dialogue and consultation. Trump hailed a 'total reset' and the White House referred to a 'trade deal'. This reflects a nuanced difference between talks and negotiations. The real negotiations on how to avoid crippling tariff structures between the two sides are to come. The trade consultation mechanism evokes comparison with the 'strategic and economic dialogue' established by former presidents Hu Jintao and Barack Obama in 2011, renamed in 2017 under then president Trump and finally abandoned after one meeting. Hopefully, the new mechanism will prove a more enduring platform for airing and resolving trade disputes. That said future talks still face issues, such as tariffs imposed under Trump 1.0 that remain in place. A more confident China is seen on the winning side, with the US seen as having backed down. This comes on the heels of President Xi Jinping's talks in Moscow with President Vladimir Putin – a reminder that Beijing has developed its own networks of trade and diplomacy. China does not fear US containment, but does want to maintain good relations as part of a more comprehensive and holistic pattern.
