#TradeWarEases Against the backdrop of a trade war between the countries, the USA imposed tariffs on Chinese imports, and China, in response, increased tariffs on products from the USA. The parties continued to mutually raise tariffs, leading to an escalation of the conflict. China declared its readiness to defend its interests, emphasizing that there are no winners in trade wars.

China and the USA agreed to establish a mechanism for economic and trade consultations during high-level negotiations that took place in Geneva on May 10 and 11.

The US Trade Representative stated that the agreement would significantly reduce the US trade balance deficit, which stands at $1.2 trillion. He emphasized that the agreements were reached faster than expected, which may indicate fewer disagreements between the parties than previously thought.