Photo: VCG

Editor's Note:

The recent high-level economic and trade talks between China and the US have made substantial progress, which the world has received with widespread positive feedback. The two sides agreed to reduce bilateral tariff levels and establish an economic and trade consultation mechanism amid the trade war. Why does the world expect a stable China-US economic and trade relationship? What challenges lie ahead to maintain the momentum of consultations? The Global Times invites three international experts to discuss these issues.

Anthony Moretti, an associate professor at the Department of Communication and Organizational Leadership at Robert Morris University

Finally, we have some good news regarding the fractured bilateral relationship between the US and China. Granted, the friction between the countries will not go away, but their decision to significantly trim the tariffs on each other's products is good news for both sides and the world. 

The most important questions are: Is this thaw in the lukewarm relationship merely a tease, or will it have staying power? Will the unnecessary rhetoric emanating from Washington cease?

The tariffs imposed by the US were unwise when they were launched and were unsustainable, no matter how much any political figure talked them up. Now, for at least the next 90 days, US tariffs on Chinese goods will be set at 30 percent - still unnecessarily high. Meanwhile, China will set tariffs on US goods at 10 percent. It is now incumbent, especially on the US, which launched this dangerous and ineffective trade war, to take the next steps to ensure that common sense again prevails when conversations about China-US trade take place.

One way to sustain this momentum is to continue conversations with the same urgency that was displayed in recent days. There was no doubt that when US and Chinese officials sat down in Geneva, they wanted to get something done. They have succeeded, and they should, in the near future, begin another round of talks. This is especially true because although warehoused goods will again begin to move, the backlog will ensure that higher prices in the short term will not go away. 

Should the 90-day truce end with yet another negative shock to the global economic situation, deeper crises than those already seen are possible. The global community needs the US and China to be partners.

Ahmed Moustafa, director of the Asia Center for Studies & Translation, Egypt

As the world closely watches global trade developments, the China-US trade talks in Geneva present a chance to restore balance in the international economy. The challenges faced by the US economy due to US tariffs highlight the need for a fairer and more collaborative approach in trade negotiations. Initially, the US said that the tariffs on countries like China were meant to "ensure fair trade, protect American workers, and reduce the trade deficit." However, the situation has been complicated, leading to increased costs for US businesses and consumers, disrupted supply chains, and retaliatory actions from other nations.

Many US economic experts believe the tariffs have not met their objectives and have instead led to greater economic instability, pushing the country toward recession. This has caused the US to reassess its decisions about trade. 

The economic consequences of the tariffs have been serious, with the trade deficit rising instead of decreasing as the US administration promised. Various industries, including agriculture and manufacturing, have faced setbacks, affecting farmers and driving up costs for manufacturers. Consumer confidence has declined, and business investment has slowed, prompting many economists to conclude that the trade war has harmed both the US and its trading partners.

The talks need to aim to establish a framework to tackle the root causes of trade imbalances while minimizing negative impacts on all parties. A significant challenge will be finding common ground between the US and China's differing interests.

The timing of the Geneva discussions is critical, as both nations face their economic challenges. This context emphasizes the need for a solid agreement that can stabilize both economies and restore investor confidence. By choosing cooperation over confrontation, the two countries can build a foundation for lasting economic growth beneficial to the global economy.

Despite the hurdles ahead, there has been progress in Geneva, as both nations wish to de-escalate the trade conflict. However, the success of future consultations will rely on the sincerity of both sides. A well-balanced trade agreement could not only solve current economic issues but also set a positive example for future negotiations.

Kin Phea, director general of the International Relations Institute of the Royal Academy of Cambodia

China's commitment to equitable dialogue has spurred positive momentum in trade discussions with the US. The joint statement from the Geneva meeting revealed a mutual agreement on temporary tariff adjustments. This progress follows constructive engagement, highlighting China's principled yet pragmatic approach to fostering mutually beneficial outcomes.

Throughout the progress, China consistently emphasized mutual respect, equality and constructive dialogue, opting for a measured approach. China's strategic patience and dedication to finding common ground underscored its commitment to national interests and global economic stability. This development demonstrates the efficacy of principled diplomacy and the potential for nations to shape negotiations based on equality and mutual benefit, a cornerstone of China's long-advocated global order.

However, a cautious assessment is warranted. The tariff reductions, while significant, remain imbalanced, with US duties still considerably higher. This asymmetry reflects persistent structural inequalities that short-term measures alone cannot resolve.

Furthermore, upcoming negotiations face challenges from technology transfer restrictions, supply chain security concerns and geopolitical rivalries. Domestic political factors, particularly in the US, could also impede progress.

Sustaining this momentum requires both parties to maintain good-faith dialogue and avoid zero-sum approaches. Building mutual trust, establishing communication channels and ensuring transparency are crucial. China's continued calm, confident and cooperative stance will reinforce its role as a stabilizing force.

China remains committed to win-win cooperation, advocating for multilateralism and globalization to build an open and inclusive world economy. Its emphasis on sustainable development aims for a more equitable shared future. China's approach offers a valuable example, demonstrating how principled diplomacy can contribute to a fairer global economic landscape and foster a more multipolar world order based on shared development and cooperation.

Despite this vision, implementation challenges persist. The durability of any agreement hinges on dispute resolution mechanisms and consistent follow-through. While the path ahead may be uneven, China's focus on fairness, stability and long-term partnership provides a resilient framework for navigating future uncertainties. 

In this light, the emphasis on dialogue and mutual benefit must not only be aspirational, but it must be accompanied by tangible, balanced outcomes that withstand the pressures of changing international dynamics.