From June 9 to 10, the first meeting of the China-US economic and trade consultation mechanism was held in London. According to the briefings, the two sides conducted “in-depth and candid” exchanges. They have agreed in principle the framework for implementing the consensus between the two heads of state during their phone talks on June 5, as well as the results reached at Geneva talks. In this regard, international public opinion generally expressed cautious optimism, believing that this is “a very good sign” and “a very good indication that we have moved through peak tariff uncertainty,” but the direction of the situation will still depend on more details and whether the agreement is implemented.
This meeting was an important consultation conducted under the guidance of the strategic consensus reached by the two heads of state on June 5. According to foreign media reports, the two sides talked for six hours on the first day of the talks, and on the second day they continued close to mid-night. It was a “marathon” consultation.
These details confirm the “in-depth and candid” dialogue between the two sides, and also show that it is very difficult to reach an agreement. It is obvious that the heads-of-state diplomacy played a strategic leading role for this consultation and is crucial for the “new progress” in the consultation. US representative Howard Lutnick said the conversation between the two leaders played a key role in changing the course of the negotiations.
China and the US reached a consensus in the economic and trade issues in Geneva last month, and the two sides agreed to establish a mechanism to continue consultations on economic and trade relations. Some analysts believe that if this framework of measures was confirmed and advanced, the two sides may conduct more consultations to resolve other economic and trade issues. It is crucial that the US has a particular responsibility to show its sincerity in implementing the consensus. On the one hand, it is because the US has unilaterally abused tariffs on China, which has led to the current difficult situation; on the other hand, it has repeatedly gone back on its word and even unilaterally increased pressure after reaching preliminary consensus. This kind of untrustworthy behavior is the main source of uncertainty in China-US relations. There is still a long way to go for the healthy development of bilateral economic and trade relations.
The specific details of the meeting have not been announced yet, but both sides expressed a positive attitude after the meeting. China is sincere and principled in its economic and trade consultations. The Chinese people always keep their promises and deliver results. We hope that the US side will show the integrity of its commitments and the efforts to implement the consensus, work with China, and jointly safeguard the hard-won results of the dialogue. It is particularly important for the US side to eliminate all kinds of interference and even sabotage. After the Geneva talks, China-US economic and trade relations once again fell into a deadlock. The fundamental reason is that some people in the US still hold a zero-sum game mentality and Cold War logic, which has damaged the mutual trust between China and the US. Under the tariff storm, US companies and consumers were the first to bear the brunt and they made complaints. The US should learn from this and correct its wrong practices.
The essence of China-US economic and trade relations lies in mutual benefit and win-win cooperation. History and reality have proven that cooperation in this field benefits both countries, while confrontation harms both sides. Michael Hart, President of the American Chamber of Commerce in China, previously stated that the tariff war is like a “reality check,” proving that China is an important market as well as a supplier of goods for the US. CNN said the recent consultations held in London are significant, noting that “no one wants to return to April’s standoff.” Some entrepreneur from the UK believed that a stable trade relationship between China and the US is a good thing for the global economy. “Seek win-win results in the spirit of equality and respect for each other’s concerns” is China’s fundamental approach to economic and trade consultations, and should also become a part of the US side’s political rationality.
In addition to high tariffs, the discriminatory restrictions imposed by the US on China in recent years have similarly hindered normal economic and trade exchanges between the two countries. These measures have also limited the potential for US exports to China, causing American companies to miss out on valuable opportunities in the Chinese market. Attitudes of companies like NVIDIA and Microsoft also reflect this reality. Hopefully the US will adopt a pragmatic approach, seize the opportunity presented by China-US consultations, and lift its negative measures against China, so that the powerful momentum of complementary strengths and mutual benefit between the two countries can truly be unleashed.
Dialogue and cooperation have always been the only correct choice for China and the US. The potential for mutual benefit between the two countries far outweighs their differences and conflicts.
Today, China-US economic and trade relations have gone beyond the bilateral scope – they bear directly on the well-being of 1.4 billion Chinese and 300 million American consumers, affect the livelihoods of countless businesses along global industrial chains, and have become a key variable influencing the trajectory of the world economy.
As the world’s two largest economies, China and the US share a significant responsibility to jointly uphold the stability of global industrial and supply chains. From Geneva to London, the international community expects China and the US to move in the right direction toward resolving issues and to take new steps to properly manage differences, deepen mutual trust, and advance win-win cooperation. GT
