What Can We Learn from the China–U.S. Economic and Trade Meeting in Geneva? » Capital News

At the request of the United States, China and the U.S. held a high-level meeting on economic and trade affairs on May 10 in Geneva, Switzerland. This marked the first face-to-face engagement between the two sides since Washington imposed new tariffs on Chinese goods in April—an action that triggered countermeasures from Beijing.

During the Geneva talks, the two countries held candid, in-depth and constructive discussions across various economic and trade issues, reaching a number of important consensuses and making meaningful progress. Both sides agreed to establish a bilateral consultation mechanism and continue discussions on issues of mutual concern.

According to a joint statement, the U.S. commits to cancel a total of 91% of the tariffs imposed on Chinese goods. Accordingly, China will remove 91% of the counter-tariffs imposed on U.S. goods. The U.S. has suspended the implementation of 24% of the “reciprocal tariffs”, and China has also suspended the implementation of 24% of its counter-tariffs. The international community praised this progress and believed that China and the U.S. have taken an important step forward. Boosted by the progress, major global stock markets have risen one after another. Dr. Ngozi Okonjo-Iweala, Director-General of the WTO, commented that such progress was important not only for the U.S. and China but also for the rest of the world.

Looking back at the events leading to this moment—especially the imposition of extreme pressure by the U.S. and the escalation of a tariff war—there are some clear takeaways.

Unilateral bullying must be firmly resisted. In the past period, the U.S. unilaterally provoked a tariff war and unreasonably imposed high tariffs on many countries around the world, including China and Kenya, causing serious impact on the global economy, disrupting the global industrial and supply chains. China’s countermeasures against U.S. bullying tactics are aimed not only at safeguarding its own legitimate rights and interests but also at upholding international rules and order, protecting the common interests of all countries, defending global fairness and justice. It can be seen that in the face of China’s resolute countermeasures, it was the U.S. that eagerly seeking.

Globalization remains the trend of our times. China’s position has been consistent and clear, that the only correct way to resolve disputes in economic and trade areas is through equal and rational dialogue and consultation, and find proper solutions acceptable to both sides on the basis of mutual respect. Any attempt of unilateral coercion or maximum pressure will not only fail to resolve problems, but also make the situation even complicated. The fact that the high-level economic and trade talks between China and the U.S. have made positive and substantive progress precisely demonstrates the rationality and correctness of China’s position.

China, as the world’s largest developing country, and U.S., as the largest developed country in the world, share extensive common interests and vast potential for cooperation. It is the global expectation that the two countries should “join hands” with each other instead of “letting go”; Should “tear down walls”, not to “erect walls” .;Should work together to expand the pie of cooperation, and to inject more certainty, stability into global economy. The U.S. should cherish China’s kindness, actively respond to the expectation of the international community, stop threats and blackmailing, and seek dialogue with the world on the basis of equality, respect and mutual benefit.

Countries of the Global South must also unite in defending their shared interests. As President Xi Jinping stressed, the century-defining transformation is accelerating across the globe, with multiple risks compounding one another. Such developments make unity and cooperation among nations indispensable for safeguarding global peace and stability and for promoting global development and prosperity. There are no winners in tariff wars or trade wars. Bullying or hegemonism only leads to self-isolation. China and Kenya are important members of the Global South. Development and revitalization are our inherent right. And fairness and justice are our common pursuit. In the face of seething undercurrents of geopolitical and bloc confrontation and the surging tide of unilateralism and protectionism, China stands ready to join hands with African countries, including Kenya, to strengthen strategic communication and coordination, deepen practical cooperation, jointly pursue development and revitalization, firmly safeguard the common interests of the Global South, defend international fairness and justice, and safeguard the international free trade system.

Going forward, China and the U.S. will carry out follow-up consultations on economic and trade relations on the basis of the outcomes of the high-level economic and trade talks. Meanwhile, we are also fully prepared for the long-term, complex and arduous nature of resolving differences between the two countries. The uncertainty of the policies of the U.S. is the biggest obstacle to China-U.S. trade talks. As a responsible major country, China will always uphold principles, and will never yield to any pressure or coercion.

Guo Haiyan is the Chinese Ambassador to Kenya.