On Friday, China’s Ministry of Commerce announced that China and the US have recently confirmed details on a framework for implementing the Geneva trade talks consensus. China will review and approve applications for the export of eligible controlled items in accordance with the law, and the US will remove a series of restrictive measures imposed on China accordingly. Before China released its statement, US President Donald Trump and Commerce Secretary Howard Lutnick made separate comments, claiming that the two sides had “signed an agreement.” The easing of China-US trade tensions immediately drove up international financial markets, sending a clear signal: Free trade, not tariff barriers, is the common expectation of global markets; China-US trade reconciliation not only benefits both sides, but also serves the common interests of the entire world.
This marks the latest progress in implementing the consensus reached between the two heads of state. The economic and trade teams of the two countries held talks from June 9 to 10 in London and reached a principled agreement on implementing the important consensus of the two heads of state and consolidating the outcomes of the Geneva talks. The statements from both sides indicate that the framework outcomes of the London talks have been recognized and approved in both countries, and both sides have further finalized the details of the framework. This shows that the China-US economic and trade consultations are proceeding along an established track, bringing a sigh of relief to the world.
Providing an institutional platform for resolving differences is the important value of the China-US economic and trade consultation mechanism. Every piece of progress in bilateral trade talks has been met with “unanimous praise” from around the world, proving that dialogue and cooperation are the only correct choices. However, the US often says one thing and does another, casting a shadow over the prospects of the two countries’ economic and trade consultations.
For example, in the Joint Statement on China-US Economic and Trade Meeting in Geneva, China and the US both affirmed a “sustainable, long-term, and mutually beneficial economic and trade relationship.” But at the same time, the US has repeatedly sent signals that could “intensify trade tensions” – at one moment, there was talk of revoking waivers for global semiconductors to access US technology in China; at another, there were hints of potential sanctions or export restrictions on DeepSeek, which could “be disruptive both diplomatically and economically.” If Washington is truly committed to building a “sustainable, long-term, and mutually beneficial economic and trade relationship” with China, it should further demonstrate its clear stance on removing export restrictions on China and take real action – instead of resorting to ambiguity and vague wording.
Some US public opinion places the blame for China-US trade frictions on China, which is a serious distortion of the truth. If it were not for the US’ abuse of tariffs, there would not be the current severe difficulties in bilateral trade relations. Washington is the one that created the problem. China’s willingness to sit down for consultations stems from goodwill toward the overall China-US relationship in addressing US concerns on a legal, reasonable, and sensible basis. However, some US public opinion seems to take this goodwill for granted, and even attempts to use China’s goodwill to hijack the country – as if every time there is a problem in China-US trade, it is because “China is not doing enough or doing it fast enough.” It is highly unfair to place all the blame on China.
The essence of China-US economic and trade relations is mutual benefit and win-win cooperation. In fact, the US agreeing to reduce and remove unreasonable tariff barriers is itself an acknowledgment of the irreplaceable role of free trade in economic growth and a correction of its abuse of tariffs. The US itself has not been immune to the impact of so-called “reciprocal tariffs” on the global economy. From manufacturing plants and exporters to consumers, there are countless examples of the US’ tariff stick hitting its own production and supply chains. A report by Rabobank shows that in the past six months, more than a quarter of Dutch investors have reduced their holdings in US shares due to unpredictable and unreliable US policies. Under the “education” of market forces, Washington has, in fact, been forced to gradually rein in its unilateralist impulse for “Liberation Day.”
From Geneva to London, China has consistently acted as a responsible major country, advancing China-US trade in a justified, firm and proportionate manner. This promotes a return to the WTO system, the normalization of global production and supply chains and the return of bilateral relations to the right track. The recently concluded Summer Davos Forum in Tianjin attracted leaders from the political, business and academic communities of more than 90 countries and regions worldwide. At a time when unilateralist tariffs are impacting the global trade order, China continues to prove through concrete actions that it is not only “the largest trading partner for many countries beyond their immediate neighbors,” but also a key engine and stabilizing force for global economic growth.
China-US relations are now at a crucial juncture. Both sides must especially adhere to the principles of mutual respect, peaceful coexistence and win-win cooperation, turning the “framework of measures” into a “list of achievements.” Politicizing economic and trade issues and treating everything as a “bargaining chip in negotiations with China” will only hinder the rational resolution of economic and trade frictions.
Only on the basis of common actions can we enhance mutual trust and create favorable conditions for future cooperation. It is hoped that the US side will meet China halfway, fully implementing the important consensus and requirements from the June 5 phone call between the two heads of state, further leveraging the role of the China-US economic and trade consultation mechanism and bringing more positive expectations to the world. GT
