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China, US agree to de-escalate trade tensions

2025-05-13 18:04   China Daily

  A spokesperson for China's Ministry of Commerce said that the high-level economic and trade talks between China and the US achieved substantial progress by significantly reducing bilateral tariff levels, which meets the expectations of manufacturers and consumers in both countries and is in line with the interests of both nations and the broader global community.

  China hopes that the US will continue to work with China, move in the same direction, fully rectify its erroneous practice of imposing unilateral tariffs, and further strengthen mutually beneficial cooperation, according to the spokesperson.

  China saw its trade with the US, its third-largest trading partner, decline 2.1 percent year-on-year to 1.44 trillion yuan ($199.9 billion) in the first four months of 2025, according to the latest data from the General Administration of Customs.

  Mei Xinyu, a researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said that for the next step, it is vital for China and the US to work together to further remove the remaining additional tariffs on both sides, as the tariffs continue to impose unnecessary burdens on businesses and consumers, and disrupt global supply chains.

  Qi Mingwen, president of Zhejiang Shuoqi Home Textile Products, said that with the latest tariff adjustments, Chinese exporters can now allocate more resources to innovation and market expansion.

  The company, based in Ningbo, Zhejiang province, is a major electric blanket manufacturer. It exported 460 million yuan worth of products to the US in 2024, according to data from Ningbo Customs.

  “Looking ahead, we will continue to monitor the upcoming China-US economic and tariff talks, respond proactively to potential changes and seize growth opportunities,“ said Qi.

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