Investing.com - A trade agreement between the U.S. and China should be extended beyond a current 90-day delay, the Global Times has argued.
The paper, which is owned by the People’s Daily, the newspaper of the ruling Communist Party in China, has often been among the first sources to report developmets in Beijing’s trade policy.
"The window for mutually beneficial cooperation should extend far beyond a mere 90-day period," the Global Times wrote, adding "hopefully, the U.S. side will build on the outcomes of the recent talks and continue to meet China halfway".
On Monday, the U.S. and China agreed to lower tit-for-tat tariffs and temporarily delay their respective levies for 90 days.
The move comes after U.S. President Donald Trump slapped soaring duties of at least 145% on China, leading Beijing to respond with its own retaliatory tariffs of 125%.
Following the deal, the U.S. tariffs on China were brought down to 30%, folding in a baseline 10% levy and separate 20% duties related to Beijing’s alleged role in the flow of the illegal drug fentanyl. China, meanwhile, cut its tariffs on U.S. items to 10%, and agreed to remove export countermeasures instituted after April 2.
More trade negotiations were planned between the two, while both sides said working-level consultations on relevant economic and trade issues may be conducted.
Chinese trade envoy Li Chenggang and U.S. Trade Representative Jamieson Greer met on the sidelines of a conference in South Korea on Thursday, although details of the discussions have yet to be revealed.
Despite the relaxation in these sky-high tariffs, analysts have noted that levies remain above where they were at the beginning of Trump’s second term in the White House. Along with the remaining U.S. duties on China, universal 10% tariffs as well as levies on items like steel, aluminum and autos are also still in effect.
(Reuters contributed reporting.)