The trade relations between these two major economies, China and the United States, have always been the focus of global attention. Just now, a highly anticipated Sino-US trade negotiation concluded in Geneva, Switzerland. The outcome not only provided relief to businesses and people from both countries but also injected a strong boost into the stable development of the global economy.
US Treasury Secretary Besant and US Trade Representative Griller
On May 10-11, the ambassador's residence of the Swiss Permanent Mission to the United Nations in the suburb of Cologny, Geneva, welcomed the Chinese delegation led by Vice Premier He Lifeng of the State Council, as well as the US team headed by Treasury Secretary Besant and Trade Representative Griller. For a time, black Mercedes-Benz cars shuttled back and forth among the heavily guarded villas. The sunlight fell on this tranquil place, yet it could not dispel the tense atmosphere on the scene.
This negotiation has been highly anticipated since its inception. Since the outbreak of the trade war, trade frictions between the two countries have escalated continuously. The US unilaterally imposed tariffs, while China took corresponding countermeasures. The tense trade situation between the two countries not only affected their economic development but also plunged global financial markets into turmoil. Statistics show that during the trade war, the volume of trade between the two countries plummeted significantly. American companies faced rising costs, consumers' purchasing power was suppressed, and Chinese export enterprises were under immense pressure. Against this backdrop, the Geneva negotiation undoubtedly carried the expectations of China, the US, and even the world.
During the negotiation process, both sides engaged in intense exchanges around core issues such as tariff adjustments, market access, and intellectual property protection. According to reports from US media, the US side initially attempted to maintain some unreasonable tariff policies in the early stages of negotiations and proposed stringent demands regarding China's market opening. However, the Chinese negotiating team, with its firm stance and excellent negotiation skills, firmly defended national interests. Vice Premier He Lifeng clearly stated in the negotiations that China is willing to resolve differences through equal dialogue, but any negotiation must be based on mutual respect, equal consultation, and mutual benefit.
After the negotiation, US Trade Representative Griller couldn't help but remark that the Chinese "negotiators are very tough." This evaluation reflects not only recognition of the Chinese negotiating team but also reveals the strong resistance encountered by the US side during the negotiation process. Under the insistence of the Chinese side, both parties ultimately reached several important consensuses and achieved substantial progress. US Treasury Secretary Besant also publicly stated: "We have made substantive progress in the very important Sino-US trade negotiation. The talks were fruitful."
The outcomes of this negotiation are not only reflected in the agreements reached but also in the outlook for future cooperation. Both sides agreed to establish a Sino-US economic and trade consultation mechanism, clarify the lead negotiators, and further discuss economic and trade issues of mutual concern. The establishment of this mechanism has built a stable communication platform for future economic and trade cooperation between the two countries and brought new hope to the recovery of the global economy.
Upon hearing the news, global financial markets rose in response. Investors welcomed the conciliatory tone shown in the Sino-US trade negotiations. Eric Kubik, chief investment officer at Chicago North Star Investment Management Group, said: "This is a step in the right direction, indicating that both sides are willing to reach a constructive conclusion and develop better trade relations." Gennady Goldberg, head of US interest rate strategy at TD Securities New York, also believed: "The market may be encouraged by the agreement, but it still depends on the release of more details."
World Trade Organization Director-General Ngozi Okonjo-Iweala also expressed "satisfaction" with the negotiation results in a statement and urged both parties to continue pushing forward on this basis. She pointed out that this progress is significant for other countries in the world, including the most vulnerable economies.
However, we must remain clear-headed about the fact that the improvement in Sino-US trade relations is not an overnight achievement. Although substantial progress has been made in this negotiation, challenges and difficulties may still arise in the specific implementation process in the future. For example, how to ensure that both sides can effectively implement the agreements reached, and how to resolve lingering trade disputes, all require further discussion and resolution in subsequent consultations.
The end of the Geneva negotiation marks just the beginning of the improvement in Sino-US economic and trade relations. In the future, both countries need to continue maintaining communication and cooperation, addressing differences with a pragmatic attitude, and jointly promoting the stability and development of the global economy. The key is that the US needs to correctly view China's development and abandon trade bullying practices. Let us pay close attention to the follow-up operation of the Sino-US economic and trade consultation mechanism and more positive developments in the trade field between the two sides.
Original Source: https://www.toutiao.com/article/7503343892494942755/
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