Analysts, exporters call move a positive, stabilizing step for global economy

　　China and the United States announced a series of tariff adjustment measures on Monday aimed at easing trade tensions between the world's two largest economies, according to a joint statement issued by both governments in Geneva, Switzerland.

　　Trade analysts and exporters described the move as a positive step for the global economy, providing much-needed stability amid ongoing uncertainty.

　　The announcement came after a high-level meeting on economic and trade affairs held on Saturday and Sunday in Geneva. The two sides acknowledged the critical role of their bilateral trade relationship in supporting the economies of both countries and the broader global economy.

　　The US agreed to remove 91 percentage points in the additional tariffs it had imposed on China, while China correspondingly would remove 91 percentage points in its additional tariffs on the US. In addition, the US will place a 90-day pause on 24 percentage points of the rate of additional ad valorem duties — tariffs levied in proportion to the value of goods — on Chinese imports, and China will accordingly place a 90-day pause on 24 percentage points of its modified additional ad valorem rates of duty for imports from the US.

　　In the joint statement, the two sides commit to taking the actions by Wednesday and say they will establish a mechanism to continue discussions about economic and trade relations.

　　Frederic Neumann, chief Asia economist at HSBC Global Research, said that investors are breathing a sigh of relief as trade tensions between the US and China are easing. The reduction in tariffs, even if temporary, will offer major relief to exporters both in China and the US, he said.