China and the United States have agreed to temporarily reduce tariffs. What the media is writing
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- China and the United States have agreed to temporarily reduce tariffs. What the media is writing
Following the talks in Geneva, China and the United States agreed to suspend high mutual duties for 90 days, which could provoke a global recession. The agreement led to an increase in stock markets and oil prices. The parties also decided to create a mechanism for further discussion of economic cooperation. What the world's media write about the deal between Beijing and Washington is in the Izvestia digest.
Bloomberg: The US and China have agreed to reduce duties for 90 days
The United States and China will temporarily reduce duties on each other's products to reduce trade tensions and give the world's two largest economies three more months to resolve their differences. Following talks in Geneva, officials from the two countries confirmed that combined U.S. duties of 145% on most Chinese imports would be reduced to 30%, while 125% Chinese duties on American goods would be reduced to 10%.
Bloomberg
"We agree that neither side wants to break off relations," said U.S. Treasury Secretary Scott Bessant, adding that "we had a very intense and productive discussion about the next steps on fentanyl" and that negotiations could lead to "procurement agreements" from China.
The tariff cuts do not apply to sectoral duties imposed on all U.S. trading partners, and tariffs applied to China during the first administration of President Donald Trump remain in force. The US statement also said that "the parties will create a mechanism to continue discussing economic and trade relations."
Financial Times: Stock markets rise after statements from China and the United States
Stock indexes around the world rose sharply after U.S. and Chinese officials said they had agreed to temporarily suspend most of the duties. S&P 500 futures rose 2.8%, the US dollar rose 0.7% against a basket of rival currencies, while gold fell 2.3%.
Financial Times
Bessent and U.S. Trade Representative Jamison Greer represented the White House at the Geneva talks, and Chinese Vice Premier He Lifeng led the Beijing delegation. Ahead of the Geneva talks, Bessent warned that the level of tariffs between the United States and China is actually equal to a trade "embargo."
Until recently, there were few signs that any of the countries were ready for negotiations. Beijing officials accused the US administration of intimidation and said they would not capitulate. However, on the eve of the talks, representatives of both sides emphasized the atmosphere of cooperation at them, and the United States did not rule out the possibility of concluding an agreement to stop the supply of fentanyl precursors from China.
The Guardian: Oil rose on reports of a U.S.-China agreement
U.S. WTI crude oil rose 2.2%, while benchmark Brent crude oil rose 2% to $65.25 per barrel, the highest in two weeks. Rising oil prices suggest that concerns about a protracted trade war that could damage global growth are easing.
The Guardian
The German DAX index jumped 1.5% amid optimism about the downturn in the trade war. Among the growth leaders in Frankfurt were automakers: Mercedes-Benz (+5.5%), Daimler Trucks (+5.5%) and BMW (+5.4%). The CAC index in France rose by 1.2%. Everyone is relieved that tariffs between the US and China are being lowered, at least for the 90-day discussion period.
At the same time, the British FTSE 100 index rose by only 0.03%. Mining stocks such as Glencore (+6.3%) and Anglo American (+6.2%) are rising in London. However, the market is being pulled back by AstraZeneca (-4%) after Donald Trump promised to use his powers to lower prices for prescription drugs in the United States.
The Washington Post: the agreement does not change much in relations between China and the United States
Since US President Donald Trump imposed tariffs on imports from China in February, he and Chinese leader Xi Jinping have engaged in a risky game of "who gets scared first," in which both sides levy increasingly high duties on each other. Analysts say that the joint statement reduces the degree of the trade war, but does little to change the general direction of deteriorating relations between Beijing and Washington, which are closer than ever to a complete economic rupture.
The Washington Post
"This is a more civilized way of getting a divorce. The division will continue," said Alicia Garcia Herrero, chief Asia—Pacific economist at Natixis investment bank. — A deal is not a solution. This is smoothing out the effects of a breakup, just to make it happen more slowly and at a lower cost. This meeting is, in fact, an attempt, hopefully successful, to avoid a global recession."
At the same time, the statement of May 12 sets a new tone and paves the way for further negotiations and a potential meeting between Trump and Xi. At this point, a trade deal and the end of the tariff war may become possible, analysts say. The two leaders have not met or spoken since the phone conversation that took place before Trump took office.
Reuters: China is in trade talks with South American countries
China will hold a summit with its key Latin American trading partners to strengthen influence and partnerships in the region, while Beijing and Washington try to end the trade war. Officials of the Latin American and Caribbean Community (CELAC), including the Presidents of Brazil, Colombia and Chile, plan to attend a ministerial meeting in Beijing on May 13.
Reuters
The China-CELAC Forum challenges long-standing American geopolitical and economic dominance in the region, which the Trump administration is seeking to counter, and follows a weekend of important trade talks between the United States and China that concluded on a positive note.
China is trying to form a global coalition against what it calls "tariff abuse" by the United States. Beijing has already made progress on trade issues with the European Union, agreeing to discuss setting minimum prices for Chinese-made electric vehicles. China also appealed to the countries of Southeast and Central Asia, urging their trading partners to refrain from "unilateral intimidation" and adhere to the principle of multilateralism.
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