What do 90-day tariff reductions between China and US mean for global trade?
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What do 90-day tariff reductions between China and US mean for global trade?
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After high-level talks in Geneva, China and the United States have announced a series of tariff adjustments between the world's two largest economies. The two sides will remove 91% of tariffs and suspend 24% for 90 days while further talks continue. After the adjustment, both sides will retain a 10 percent baseline tariff while the U.S.'s 20% fentanyl-linked levy imposed earlier this year will also remain. The two sides will establish a system to continue discussions about economic and trade relations. How can we interpret the results from the Geneva meeting? How will the economic and trade relationship between China and the US evolve? What effect might that have on the global economy? Host Zhao Yang spoke with Yan Liang, Professor of Economics, Willamette University; Dr. Zhou Mi, Senior Research Fellow with Chinese Academy of International Trade and Economic Cooperation; Professor Qu Qiang, Fellow of Belt and Road Research Center at Minzu University of China.