TRADE WAR: CHINA AND UNITED STATES OF AMERICA AGREE TO 90-DAY TRUCE.
The United States and China announced on Monday that they would suspend for 90 days most of the prohibitive customs duties that they had imposed on each other, marking a de-escalation in their trade war which has shaken the global economy.
In a joint press release published after two days of negotiations in Geneva, Saturday May 10 and Sunday May 11, the two largest economic powers in the world announced that this suspension will come into force by May 14.
For the Director General of the World Trade Organization, Ngozi Okonjo-Iweala, who spoke ahead of the meeting between Scott Bessent, American Secretary of the Treasury, and Chinese Deputy Prime Minister He Lifeng, the trade discussions between senior American and Chinese officials are “a positive and constructive step towards de-escalation”.
“Sustained dialogue between the world's two largest economies is essential to ease trade tensions, prevent fragmentation along geopolitical lines and preserve global growth,” added a WTO spokesperson in a brief statement.
