Chinese officials, influencers and state-run media on Monday were casting the initial trade agreement and 90-day tariff pause with the U.S. as a victory and a vindication of Beijing’s negotiating strategy.
They are arguing that their defiant public posture worked and was a major reason they were able to strike a deal with U.S. officials in Switzerland with relatively few concessions.
“China’s firm countermeasures and resolute stance have been highly effective,” said a social media account linked to China’s national broadcaster CCTV.
In the eyes of the Chinese public, negotiators from Beijing appear to have convinced President Donald Trump’s administration to roll back most of the 145% tariff rate that Trump imposed, and slash them to 30%.
In exchange, China pledged to roll back most of the countertariffs it announced against the U.S.
On social media, Chinese users are touting the deal. One hashtag, #USChinaSuspending24%TariffsWithin90Days, already has 420 million views on Weibo.
The line refers to a 24% figure cited near the top of the joint statement Washington and Beijing released.
In total, the 90-day pause drops U.S. import duties from 145% to 30% on Chinese goods, and Chinese tariffs on U.S. goods from 125% to 10%.
A Chinese social media user, Chun Feng Yi Ran, posted: “Our ancestors didn’t cave in, why should we give up what we have?” The comment now has thousands of likes.
Beijing is also using the trade deal to try to argue to the world that it is a responsible trading partner, even as China’s negotiating playbook has often been a point a frustration for the international business community and trading partners.
Foreign executives and officials complain of “promise fatigue” with Beijing, whose officials often seem content to talk of cooperation, while taking relatively little action.
In keeping with this negotiating playbook, Beijing has said it will work with the Trump administration on a new “consultation mechanism” to maintain dialogue on trade and other economic issues.
The measures agreed to in Geneva, Switzerland, formally take effect Wednesday, but Beijing has quietly been granting exemptions before the talks for some companies operating locally.
China has also agreed to “adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures.” This includes the latest round of tighter export curbs on rare earths that Beijing imposed. The minerals are crucial to the U.S. industry.
China, however, sent some mixed signals Monday on cooperating on the metals. The Commerce Ministry reaffirmed its crackdown on rare earths smuggling for national security reasons, and said “foreign entities” were partially to blame.
The U.S.-China trade deal has brought temporary relief from the escalating trade war roiling the global economy.
Stock markets across the world surged Monday after Beijing and Washington announced the deal.
In the runup to negotiations in Switzerland over the weekend, Beijing remained firm that it would not cave on its own priorities in order to reach an agreement with U.S. officials.
“We will resolutely safeguard our legitimate interests and uphold international fairness and justice,” Foreign Ministry spokesman Lin Jian said before the trade talks.
The commerce ministry on Monday called the trade deal an “important step,” but took a jab at the Trump administration, saying the U.S. should “completely correct its unilateral tariff practices.”
Trump administration officials, for their part, are also characterizing the deal as a “historic trade win” for the U.S.
The two sides are expected to meet again at some point over the next “few weeks” to negotiate a “more fulsome agreement,” Treasury Secretary Scott Bessent said Monday on CNBC’s “Squawk Box.”
— CNBC’s Eunice Yoon reported from Beijing and Erin Doherty reported from Washington, D.C.
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