From China's outward-facing propaganda organ, Global Times, May 12:
A spokesperson for China's Commerce Ministry said on Monday that the high-level economic and trade talks between China and the US have achieved substantial progress, resulting in a major reduction in bilateral tariffs.
The US has canceled a total of 91 percent of its additional tariffs, and China has correspondingly canceled 91 percent of its counter-tariffs; The US has suspended the implementation of a 24 percent "reciprocal tariff," and China has also correspondingly suspended the implementation of a 24 percent counter-tariff, the spokesperson said in a statement.
This move is in line with the expectations of producers and consumers in both countries, and is in the interests of both countries and the world. "We hope that the US will continue to work with China to meet each other halfway based on this meeting, thoroughly correct the wrong practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, maintain the healthy, stable and sustainable development of China-US economic and trade relations, and jointly inject more certainty and stability into the world economy," the spokesperson said.
Since April 2025, the US has imposed so-called "reciprocal tariffs" on top of previous unilateral tariff hikes against China. In response, China took firm and legitimate countermeasures. The US later escalated its tariffs in multiple rounds, raising the "reciprocal tariff" rate from 34 percent to 84 percent and eventually 125 percent, seriously disrupting normal bilateral trade and undermining the global economic order, according to the spokesperson.
The joint statement reached in the latest talks marks a key step toward resolving disputes through dialogue and lays the groundwork for deeper cooperation. Both sides acknowledged the importance of a stable, long-term, and mutually beneficial trade relationship—not only for China and the US but for the global economy. They agreed to continue work in a spirit of openness, extensive communication, cooperation, and mutual respect, the spokesperson said....
....MUCH MORE
Here's the joint communiqué via The White House:
Joint Statement on U.S.-China Economic and Trade Meeting in Geneva
The Government of the United States of America (the “United States”) and the Government of the People’s Republic of China (“China”),
Recognizing the importance of their bilateral economic and trade relationship to both countries and the global economy;
Recognizing the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship;
Reflecting on their recent discussions and believing that continued discussions have the potential to address the concerns of each side in their economic and trade relationship; and
Moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect;
The Parties commit to take the following actions by May 14, 2025:...
...potluck dinner in Hawaii with President Trump to bring McDonald's and President Xi to supply spicy Szechuan.
Hmmm, I may be projecting a bit here, I wonder why?
Our story so far:
- Capital Markets: "US-China Strike 90-Day Cooling Off Period: Dollar and Equities Rally, Bonds Slump"
- Trade: China Echoes U.S.' "Substantial Progress", Communiqués On May 12 (CET)
- "US officials say deal struck to cut China trade deficit, details on Monday"
- "Inside China's decision to come to the table on Trump tariffs"
Ah ha! Tables
!"China Sends Xi’s Security Czar to Trade Talks With U.S."
It appears the Chinese delegation will be in Geneva to do more than just negotiate the dimensions of the table for the next meeting.*
From the Wall Street Journal, May 9....
*****
....The official talks still did not begin. South Vietnam raised a series of procedural issues, the most prominent of which were the particular use of flags and name plates, the speaking order of the participants, and the physical arrangement of the conference, including most notably the shape of the conference table.SummaryForeign Relations, 1964-1968, Volume VII
Vietnam, September 1968-January 1969On the latter issue, the North Vietnamese and the National Liberation Front (NLF) insisted on a four-sided table to emphasize equality between the parties, while the United States and especially the GVN favored a two-sided arrangement that did not obviously give the NLF equal footing with the GVN. (250, 260, 264) On January 2, 1969, the North Vietnamese relented on their requirement that made flags and nameplates contingent upon the acceptance by the other side of a continuous round table. (268, 269)
On January 7 Johnson sent Thieu a strongly worded message to desist from the "continued stalemate on present lines" that was undermining public support within the United States for South Vietnam. (276) Thieu continued to refuse to consider such a trade-off from his original position on the shape of the table. (277-279)
Pressure on Thieu from Washington coupled with the involvement of Soviet diplomats eventually overcame this impasse. On January 13 the Soviet Ambassador in Paris directed his subordinate to propose a resolution: a round table with two smaller rectangular tables at opposite sides; no flags or nameplates; and speaking order arranged by the drawing of lots. (280, 281)
Both the North Vietnamese and the American delegations agreed to this proposal on January 15, as did both South Vietnam and the NLF the next day. (283, 284) On January 18 the first meeting between the four parties, which focused solely on modalities for the substantive talks, was held. (286) The Johnson administration left office on January 20, 1969, with the knowledge that peace talks were finally underway....
