On May 12, after the high-level economic and trade talks between China and the United States in Switzerland, the two countries simultaneously issued the “Joint Statement of the Sino-US Geneva Economic and Trade Talks”, promising to significantly reduce the tariffs imposed on each other over the past month. The additional 24% tariff will be suspended for 90 days, and only 10% of the additional tariffs will be retained on the goods of both sides, and all other new tariffs will be cancelled.
This tariff suspension measure not only attracted the attention of foreign trade practitioners, boosted the Sino-US trade market, but also released positive signals for the global economy.
Zhang Di, chief macro analyst of China Galaxy Securities, said: The phased results of the Sino-US trade negotiations can also alleviate the uncertainty of global trade this year to a certain extent. We expect that China’s exports will continue to grow at a relatively high speed in 2025.
Pang Guoqiang, founder and CEO of GenPark, an export service provider in Hong Kong, said: “This joint statement brings a glimmer of warmth to the current tense global trade environment, and the cost pressure on exporters in the past month will be partially alleviated.” He mentioned that the next 90 days will be a rare window period for export-oriented companies, and a large number of companies will concentrate on shipments to accelerate testing and landing in the US market.
The suspension of the 24% tariff has greatly reduced the cost burden of exporters, allowing suppliers to provide more price-competitive products. This has created opportunities for companies to activate the US market, especially for customers who have previously suspended cooperation due to high tariffs, and suppliers can actively restart cooperation.
It is worth noting that the foreign trade economic situation has warmed up, but challenges and opportunities coexist!
Post time: Jun-16-2025