Hey fam! 🎉 Big news from Kuala Lumpur: the Chinese mainland and the US just wrapped up a groundbreaking economic re-dialogue on Oct 25–26. After some back-and-forth, both sides agreed to hit pause on major trade tensions for one year. Here’s the lowdown:
- Tariffs on pause: The US will drop its 10% fentanyl tariff and suspend 24% reciprocal duties for a year. The Chinese mainland is adjusting its retaliation accordingly.
- Export control cool-off: The US is suspending a 50% export control measure on selected entities for a year, and the Chinese mainland is doing the same for its Oct 9 controls.
- Shipping & maritime truce: US 301 investigation measures on Chinese mainland shipping are paused for a year, and the Chinese mainland will halt its countermeasures.
- Cooperation boost: Both sides will work together on a fentanyl ban, expand agricultural trade, and handle individual enterprise cases.
Why it matters: 🌾 For rice and mango exporters in Southeast Asia, easier market access in both economies could mean new growth opportunities. 📱 Tech gadgets and components might see fewer delays and price hikes. 🚢 A calmer shipping scene can help small businesses keep costs in check.
Bottom line? This truce is a major step toward smoother global trade and could bring some relief for businesses and consumers alike. We’ll keep an eye on how these one-year pauses pan out, so stay tuned! 👀
Reference(s):
cgtn.com
