(Source: CCTV-2 "CCTV Financial Review" 2025-05-12)

Editor’s note:The joint statement of the China-US Geneva Economic and w88 Talks was released. The two sides conducted in-depth exchanges on economic and w88 issues of mutual concern, reached a number of important consensuses, significantly reduced bilateral tariff levels, and agreed to establish an economic and w88 consultation mechanism, lengthen the cooperation list, make the cooperation cake bigger, promote new development of Sino-US economic and w88 relations, and inject more certainty and stability into the world economy. In this context, the tariff policies of China and the United States are our greatest concern,CCTV-2 "CCTV Financial Review" invited Zhao Zhongxiu, President of the w88 casino, to interpret the joint statement issued by China and the United States.

The consensus established by both parties is the basis for continued negotiations

Moderator:Principal Zhao, in your opinion, what substantive progress does this expression represent in the economic and w88 negotiations between the two sides?

Zhao Zhongxiu:The Sino-US joint statement shows a good consensus, which highlights the status of the US economy and the Chinese economy in the world economy. We know that the United States is the world's largest economy and China is the world's second largest economy. The imports of these two countries account for 1/4 of the world's imports, and Sino-US economic and w88 relations are also known as the ballast stone of Sino-US relations. This is also the consensus of the past. But after the tariff war started, the cornerstone was shaken. There is no winner in the tariff war, and unilateral pressure will not last long. So we see the reaction of the market and the reaction of consumers. In fact, both parties have reached a consensus that they need to sit down and negotiate equally.

So the negotiations in Geneva should be said to have achieved positive results, which are based on the consensus reached by both parties and their awareness of the importance of economic and w88 relations to both countries and the world. There is also the fact that economic and w88 relations themselves are long-lasting and must be sustainable. Economic and w88 exchanges must be equal. Therefore, a consensus has been formed. Only in this way can we sit down and talk, eliminate differences, and resolve issues of concern to each other. w88 with such high tariffs should actually be prohibited, so we saw that after two years and two days of intensive negotiations, the two sides came up with a result that made all parties somewhat happy.

US tariffs have been significantly reduced to baseline levels

Moderator:In addition to this statement of important consensus between the two sides, I think what everyone is most concerned about in today's statement is the adjustment of the tariff policies of both sides. We see that both sides have committed to take a series of measures to cancel and suspend some tariffs before May 14, 2025. Principal Zhao, please come and calculate for us. Based on this statement from both sides, how much tariffs will we impose now? How should we evaluate the substantial impact that the current tariff adjustment will have on Sino-US economic and w88 relations?

Zhao Zhongxiu:April 2nd was a watershed. After April 2nd, Trump announced that he would impose additional tariffs on the whole world. The so-called reciprocal tariffs had different deficit numbers for each country. Countries with a surplus levied 10%, and countries with a deficit levied a lot. China took resolute countermeasures, so he added more and more, and after several rounds, it was increased to 125%. The result of this negotiation is that the 125% is divided into three stages, and the 34% of the first stage is retained at 10%, which is called the so-called base tariff. The remaining 24% was suspended for three months. Since its implementation, the two subsequent increases of 50% and 41% have been cancelled. So in this case, the 125% tariff is actually reduced to 10%, which is a base number. Because we are reciprocal counterattacks, we have also reduced our response to the United States to 10%. This is after April 2, which is when Trump imposes a new round of indiscriminate tariffs on the world.

Well, we know before that there were two rounds, two 10% tariffs were imposed on China. What we actually adopted were different. We first added tariffs ranging from 10% to 15% on automobiles, agricultural machinery, and fossil energy, including liquefied natural gas. In the second round, we levied 10% to 15% on agricultural products such as soybeans and corn, so there is still a difference. In this case, it is still a reciprocal approach. So after this negotiation, all the tariffs added in the second round were reduced to 10%. Of course, 24% of them left room for further negotiations.

So overall, it has dropped by 115%, from 125% to 115%, leaving 10%. Of course, you have to add the previous ones. The tariff level is actually still very high, so in the future we still need to implement comprehensive policies and a series of negotiations to solve this problem. Because such high tariffs actually hinder the w88 relationship between China and the United States and are not conducive to its healthy, stable and sustainable development.

The establishment of a consultation mechanism is conducive to resolving differences

Moderator:Speaking of the future, we see that the last paragraph of the "Joint Statement on the China-US Geneva Economic and w88 Talks" states that after this tariff adjustment, China and the United States will establish a mechanism to continue negotiations on economic and w88 relations. President Zhao once again invites you to analyze for us. If the two sides negotiate further, what will the main talks be? What might be the next consultation mechanism?

Zhao Zhongxiu:The establishment of the Sino-US economic and w88 consultation mechanism is an important achievement. In fact, China and the United States had consultation mechanisms at different levels in the past, such as the "China-US Strategic Dialogue" and "China-US Strategic Economic Dialogue," which were actually very high-level dialogue mechanisms. There is also a China-U.S. Business Mixed Committee, which has actually been running for 20 years. However, in the past few years, Sino-US relations have been greatly damaged, and these mechanisms have basically stopped. Especially during the Biden period, such contacts (between China and the United States) have been very rare, and containment and suppression (by the United States against China) have been very obvious.

It should be said that the consensus formed by China and the United States in the past has suffered a great impact, which has not only damaged Sino-US relations, but also caused great harm to the world economy, including global economic governance. The differences between China and the United States are because we are at different stages of development and have different w88 and economic structures. These are objective phenomena. But if (the US) wants to (achieve its own goals) through balance, it actually cannot be achieved. Therefore, a consensus was reached during this negotiation: (China and the United States) fully express their respective concerns and engage in continuous communication. Communication rather than confrontation is the way to solve the problem. We have seen that the tariff threshold has been lowered this time, and (at the same time) we will take some non-tariff countermeasures.

There are some overweighting methods that were originally used as countermeasures, but they can now be suspended or withdrawn. However, because the relationship between China and the United States is very complicated, there is not only w88 and economic competition, but also technological blockade of China (the United States), and even (the United States used to) smear China in public opinion, using all possible means. (Now) Back to the professional field (economics and w88), under the economic and w88 mechanism, we see that the leaders of both parties are leaders in charge of economics and w88, and they had a very good negotiation in Geneva. (China and the United States) The communication mechanism at the working level can be regular or irregular. In terms of the choice of negotiation or meeting venue, it can be in China, the United States, or a third party (like Switzerland this time). These are all based on an open and equal dialogue. As long as both parties can strengthen communication, this difference can be bridged. At the same time, we can also predict that the negotiation tasks (between China and the United States) will be very arduous in the future. There is still a huge gap in understanding between China and the United States in many aspects. How to bridge this gap and understand whether the economic and w88 relations between China and the United States and even the nature of Sino-US relations are cooperation or confrontation is very important to the people of the two countries and even to the world. We still need to build an open world economy and promote common development, which is in the interest of the whole world. Therefore, we also particularly emphasize the importance of (China-US economic and w88 relations) to both countries and the world. After the working consultation mechanism (between China and the United States) is established, any issue can be discussed. The mechanism that was suspended for a long time in the past has now been restored. It is not a simple restoration, but a new mechanism, a more pragmatic and constructive mechanism that can better manage differences (between China and the United States). (In the world economic system), China and the United States are highly complementary, and China has no intention of replacing the United States. At this point, (the United States) does not need to have such strategic anxiety.

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