摘要：In late April, the International Monetary Fund said the steep rise in tariffs marks the onset of "a new era" that will see most ec

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National governments, major markets and businesses around the world are briefly breathing a sigh of relief due to the early morning joint statement released in Geneva on May 12 that China and the U.S. will temporarily suspend tariffs and continue negotiations.

After two long days of intensive talks, Beijing and Washington have agreed to reduce tariff levels for ninety days. The two sides also set up mechanisms for further talks between Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

In late April, the International Monetary Fund said the steep rise in tariffs marks the onset of "a new era" that will see most economies grow more slowly. The organization cut its forecast for global growth this year from 3.3 percent down to 2.8 percent, a downgrade even greater than that following the outbreak of the Russia-Ukraine conflict in 2022.

Malaysian Prime MinisterAnwarIbrahim warned earlier that U.S.-China trade tensions could derail the growth trajectory of Malaysia, a country higly reliant on international trade and thus particularly vulnerble to these tensions. He said: "When high tariffs are imposed on China, our trade and investment ties with the country are inevitably affected."

The joint statement certainly brings a degree of optimism that it could serve as a foundation for further engagement between China and the U.S. on issues not only on trade, but also on broader bilateral relations, thus pointing to more stability in this fractured world.

A press briefing is held by Chinese officials following the China-U.S. high-level meeting on economic and trade affairs in Geneva, Switzerland, May 11, 2025. [Photo/Xinhua]

Yet the world should understand that much more needs to be done.

In the near term, officials from both the U.S. and China will mostly likely need to decide on the framework of future talks, issues that require the most urgent attention, details on working level negotiations, etc. Talks at all levels will hopefully follow. Should both sides act on good faith and mutual respect, a lot can be achieved in ninety days.

The harder work lies in the long term. After the joint statement was released, a spokesperson from China's Commerce Ministry commented that China hopes that the U.S. side will continue to work with China to meet halfway based on the Geneva meeting, thoroughly correct the wrong practices of unilateral tariff increases, and continuously strengthen mutually beneficial cooperation.

Some U.S. soul searching might be necessary, particularly the notion of America as a global trade victim. In fact, the United States still enjoys unrivalled economic weight in the global trade order it led to build after World War II and has anchored ever since.

And instead of simply casting a plan for so-called reciprocal tariffs, the U.S. needs to find a way back to the basics of economics. Running a trade deficit is not wrong; it simply indicates that different economies have their own places in global trade and supply chains. Plus, the bigger picture asks for a look at not only trade in goods, but also in services. In reality, the U.S. runs a surplus with many of its major trading partners in this regard, meaning that America is exporting high-tech, education, financial and businesses services, etc.

None of these would be easily achieved there in the U.S. Yet in a world where the majority of nations are still looking for mutually-beneficial trade opportunities and the build-up of inter-connectivities, the international community expects the world's largest economy to shoulder responsiblities commensurate to its own weight.

The spokesperson of China’s Commerce Ministry expressed the hope that, based on the positive outcome of the Geneva talks, the U.S. side will continue to work with China to move forward.

China also hopes that the two countries will be able to continuously enhance mutually beneficial cooperation and maintain the healthy, stable, sustainable development of bilateral economic and trade relations to inject greater certainty and stability into the world economy.

The China-U.S. Economic and Trade Meeting in Geneva is a good start and an important step towards that.

来源：中国网一点号