Latest China-US joint statement sparks cautious optimism among businesses

The joint statement released on Monday by China and the U.S., following their high-level trade meeting in Geneva last weekend, has sparked cautious optimism among Chinese businesses who say it is a clear sign of progress.

The statement outlined tariff adjustments by both countries aimed at de-escalating the trade tension between the world's two largest economies. This rapid progress has come as a welcome surprise to many.

"[People are] kind of surprised that the negotiation between the United States and China has made progress so fast. Before, we were expecting this talks to go on at least for months, but so far it seems that some very significant results have already been reached. Even though 100 percent of the issues are not necessarily resolved, it's very positive. I think the global economy, global market is going to respond to this very positively," said Hu Jie, a professor at the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University.

For businesses directly impacted by the tariffs, the new agreement offers a renewed sense of hope. Shanghai-based Vector Optics had previously halted shipments to the United States, one of its key international markets, following the sweeping tariffs.

"With the new agreement placing tariffs at around 10 percent, we can continue to discuss the next steps with our U.S. clients and customers, whether to resume production or wait and see," said Shen Xusheng, founder of Shanghai-based Vector Optics.

He said there was already renewed interest from clients who had previously suspended orders.

Chinese supermarket chains, such as Yonghui Superstores, have played a key role in supporting export-oriented companies seeking to expand their domestic sales channels. Wang Ya, the store manager at Yonghui Superstores Shanghai Tangzhen branch, emphasized the company's commitment to its customers.

"No matter how the trade environment shifts, our top priority is protecting the interests of our customers. We're working closely with export-oriented manufacturers turning to the domestic market and have already engaged in talks with hundreds of suppliers. By optimizing direct sourcing and streamlining logistics, we're ensuring that shoppers continue to enjoy quality goods at competitive prices," said Wang.

Latest China-US joint statement sparks cautious optimism among businesses

The death toll from a landfill collapse in the central Philippine city of Cebu has risen to eight by Monday morning as search and rescue operations continued for another 28 missing people.

The landfill collapse occurred on Thursday as dozens of sanitation workers were working at the site. The disaster has already caused injuries of 18 people.

Family members of the missing people said the rescue progress is slow, and the hope for the survival of their loved ones is fading.

"For me, maybe I’ve accepted the worst result already because the garbage is poisonous and yesterday, it was raining very hard the whole day. Maybe they’ve been poisoned. For us, alive or dead, I hope we can get their bodies out of the garbage rubble," said Maria Kareen Rubin, a family member of a victim.

Families have set up camps on high ground near the landfill, awaiting news of their relatives. Some people at the site said cries for help could still be heard hours after the landfill collapsed, but these voices gradually faded away.

Bienvenido Ranido, who lost his wife in the disaster, said he can't believe all that happened.

"After they gave my wife oxygen, my kids and I were expecting that she would be saved that night because she was still alive. But the night came and till the next morning, they didn't manage to save her," he said.

Death toll in central Philippine landfill collapse rises to eight