English publication: China won Trump’s trade war.
According to this conservative British publication, Beijing and Washington have finally reached an agreement under which the US tariffs of 145% on goods imported from China will be reduced to 30%, and the other side will reduce the duties of 125% on imports from the United States to 10%. In this way, major ports on both sides of the Pacific will resume work and factories across China will return to their previous routine. The global economy will start moving again, but the important point is that the winner of the tariff war is none other than China.
The analyst of this publication, emphasizing that the agreement reached between the two sides will be for 90 days, assessed the agreement in the next three months as more permanent, adding: Although the 30% tariff on goods imported from China by the US side is still significant, Chinese manufacturers are so competitive and have advanced in productivity that they can manage the current situation without much damage. More importantly, China has made very few concessions to reach this agreement, not opening its market to American technology giants, not agreeing to reduce imports via the Pacific Rim, not buying more aircraft and pharmaceuticals from Washington, and not essentially giving up on its efforts to enter high-end technologies such as artificial intelligence and aerospace.
Instead, Trump has waived tariffs because he is aware of the potentially devastating impact of cutting off Chinese imports on the US economy. He was not prepared for the inevitable rise in inflation or possible recession. This is a clear victory for China over the US, and in fact it is Washington that depends more on this relationship than Beijing.
The author concludes: Now that this is clear, the US will not start another trade war anytime soon, allowing China to resume its long-term plan to become the world’s leading economy.
According to IRNA, according to a statement released by China and the United States on Monday, following trade talks between the two countries in Switzerland, it was announced that the tariff reforms will take effect on Wednesday, May 14.