China, U.S. Suspend Some Trade Tariffs as Talks Progress
By: Osman Marah
The United States and China have agreed to suspend certain trade tariffs as part of an effort to ease tensions and extend negotiations aimed at resolving their ongoing trade dispute, both countries announced Monday in a joint statement.
The agreement came after two days of talks in Geneva, Switzerland, and marks a temporary de-escalation in a trade war that has seen billions of dollars in tariffs imposed by both sides. U.S. President Donald Trump’s protectionist trade policies had previously triggered a series of retaliatory measures from Beijing.
As part of the deal, the U.S. will suspend a 24 percent ad valorem tariff — a tax based on the value of goods — for an initial period, though no specific timeline was given. China is expected to take reciprocal steps, though details were not immediately disclosed.
The joint statement emphasized the importance of the U.S.-China trade relationship, saying both sides would proceed “in the spirit of mutual opening, continued communication, cooperation, and mutual respect.”
Global financial markets responded positively to the news. Major stock indexes in Hong Kong, Europe, and the U.S. rose sharply Monday, reflecting investor optimism over the easing of trade tensions between the world’s two largest economies.
Negotiators from both countries are expected to meet again in the coming weeks to build on the progress made in Geneva.
