CGTN – 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.
