Australian Broadcasting Corporation reported today (May 13): [Who blinked first? Experts comment on the mutual reduction of tariffs between China and the US]. Marcus Nolan of the Peterson Institute for International Economics believes that President Trump has brought trouble upon himself, resulting in China "resisting bullying pressure."
The Wall Street Journal's Asia economics reporter Jason Douglas also stated that although both China and the US have agreed to "cease fire," it seems that "the US blinked first."
Comment: Trump's tariff policy has backfired domestically; in the first quarter of 2025, the US GDP contracted by 0.3%, marking the worst performance since 2022. The US is facing issues such as slowing economic growth, inflationary pressures caused by rising prices of imported goods, and domestic political divisions. These factors forced the Trump administration to consider reducing tariffs to alleviate economic and political pressures, repeatedly requesting negotiations with China, and eventually holding talks in Geneva that achieved substantial results. China enhanced its countermeasures through its complete industrial chain advantage, control over critical resources like rare earths, and the implementation of trade agreements such as RCEP, placing itself in a relatively advantageous position during the negotiations.
Source: https://www.toutiao.com/article/1831979630223364/
Disclaimer: This article solely represents the author's personal views.