financetom
Economy
financetom
/
Economy
/
China-US 90-day tariff truce should be extended, Global Times says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
China-US 90-day tariff truce should be extended, Global Times says
May 26, 2025 9:16 AM

BEIJING (Reuters) - The 90-day tariff truce agreed by the United States and China during trade talks in Switzerland last weekend is too short, China's state-backed Global Times said on Friday, as envoys from the world's two biggest economies regrouped in Korea.

During the Geneva summit, the U.S. agreed to cut the extra tariffs it imposed on Chinese imports last month to 30% from 145% for the next three months, while China commited to cutting duties on U.S. imports to 10% from 125%.

"The window for mutually beneficial cooperation should extend far beyond a mere 90-day period," said the Global Times, which is owned by the newspaper of the ruling Communist Party, People's Daily, and has often been first to report China's next steps in trade disagreements over the last few years.

"Hopefully, the U.S. side will build on the outcomes of the recent talks and continue to meet China halfway."

Beijing also agreed to pause or remove the non-tariff countermeasures it has imposed against the U.S. since April 2, although China so far has only paused its decision to add around 50 U.S. firms to various lists restricting their ability to trade and invest.

In addition to easing the curbs, China agreed to lift export countermeasures issued after April 2, raising prospects for the lifting of restrictions on rare earth minerials, which Beijing has not yet clarified its position on.

Analysts say Beijing is unlikely to rush to announce how exactly it will meet all of its pledges.

"There is no point in China clarifying the non-tariff barriers it plans to lift to give itself the flexibility it wants," said Dan Wang, China director at Eurasia Group.

"The tariffs will likely go back up 90 days and China may sign some purchase agreements, but the non-tariff barriers will be important in future talks," she said.

China's commerce ministry did not respond specifically to questions on what non-tariff barriers it would lift - rather than pause - during a regular Thursday news conference.

U.S. Trade Representative Jamieson Greer met Chinese trade envoy Li Chenggang on Thursday on the sidelines of an Asia-Pacific Economic Cooperation meeting on South Korea's Jeju Island.

Neither side has provided details on the substance of that meeting.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
October Philadelphia Fed Regional Nonmanufacturing Activity Index Rebounds, Now Indicates Expansion
October Philadelphia Fed Regional Nonmanufacturing Activity Index Rebounds, Now Indicates Expansion
Oct 22, 2024
08:46 AM EDT, 10/22/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rebounded to 6.0 in October from minus 6.1 in the previous month, compared with expectations for a smaller increase to a reading of 4.1 in a survey compiled by Bloomberg as of 7:35 am ET. The index indicates expansion in the sector which is...
September Unemployment Rate Rises Most in South Carolina, Utah
September Unemployment Rate Rises Most in South Carolina, Utah
Oct 22, 2024
10:08 AM EDT, 10/22/2024 (MT Newswires) -- State-level data released by the Bureau of Labor Statistics Tuesday showed that the unemployment rate rose in five states in September, fell in one, Connecticut, and held steady elsewhere. The largest unemployment rate gains were in South Carolina and Utah, where they rose by 0.2 percentage points. South Dakota had the lowest rate...
More US firms lean on retired, veteran leaders to steady ship in choppy economy
More US firms lean on retired, veteran leaders to steady ship in choppy economy
Oct 22, 2024
By Shivansh Tiwary and Aishwarya Venugopal (Reuters) - CVS Health ( CVS ) last week named as CEO a tried-and-tested company veteran, the latest in a handful of firms this year that have turned to an experienced executive to take the helm, hoping to quell investor concerns amid economic uncertainty. Following pressure from an activist investor, CVS hired David Joyner...
Factbox-What to expect in 2024: Forecasts for GDP, inflation and other assets
Factbox-What to expect in 2024: Forecasts for GDP, inflation and other assets
Oct 22, 2024
(Reuters) - The U.S. Federal Reserve cut interest rates by an oversized 50 basis points (bps) in its Sept 17-18 meeting that Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation had eased. Fed policymakers also projected the benchmark interest rate would fall by another half percentage point by the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved