The tariff agreement reached between China and the United States marks a significant step toward resolving their trade disputes, said economists Wednesday on the sidelines of the World Trade Dialog in Hamburg, Germany, while also highlighting the strong cooperation potential between China and Europe.
China and the United States announced Monday a series of tariff modification measures aimed at easing trade tensions between the world's two largest economies.
The decision followed a two-day China-U.S. high-level meeting on economic and trade affairs, where both sides recognized the importance of their bilateral economic and trade relationship to both countries and the global economy, a joint statement said, noting that both sides emphasized the need for a sustainable, long-term and mutually beneficial economic and trade relationship.
"On the one hand, I believe that the trade dispute initiated by the United States will strengthen the relationship between Europe and China, as both sides are committed to free, open, and rules-based global trade. At the same time, I think there is still great potential for cooperation between the EU and China in the coming years. Therefore, I believe that upholding an open and rules-based global economy is a shared task and goal for both Europe and China at this moment," said Moritz Schularick, president of the Kiel Institute for the World Economy.
Ralph Ossa, chief economist of the World Trade Organization (WTO), also welcomed the progress on tariffs between China and the United States, highlighting China's constructive role within the WTO framework.
"The high tariffs imposed between the world's two most important economies have now been reduced to some extent, which is very significant. Of course, we hope this marks the beginning of both sides working together to resolve their trade disputes. China is undoubtedly a very important member of the WTO, and I believe it will continue to play a constructive role," said Ossa.
Economists welcome China-US tariff deal, highlight China-Europe cooperation potential
