After Geneva progress, the U.S. needs to make its words count

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Geneva, Switzerland, known for its neutrality in international politics and the headquarters of the World Trade Organization, saw a two-day meeting that could potentially return the international trading system to a more stable state. On May 11, the China-U.S. high-level economic and trade talks concluded. At the following press conference, Chinese Vice Premier He Lifeng said that the two sides had made substantive progress and that important consensus had been reached. 

Both sides have reached an agreement on establishing a China-U.S. economic and trade consultation mechanism and will conduct further consultations on issues of mutual concern. He said the two sides have taken an important step to resolve differences through equal dialogue and consultation.

It is a laudable outcome. The China-U.S. trade relations underpin the global order. From electronics to consumer goods, a smooth-running China-U.S. trade is essential to the stability of the global supply chain. From iPhone to soybeans, disruptions between the two countries could have a cascading effect on prices worldwide. When shipments are cancelled or forced to reroute away from U.S. ports, delays go global.

Tariffs are not sustainable. China has held that position firm from the beginning of this mess. Despite ongoing pressure from Washington, China's decision to engage with the United States was influenced by carefully considering international expectations, national interests and requests from American industries and consumers. China’s consideration was about more than just one country or two; it was about the entire global community and the welfare of people at large.

What's important following Geneva is for the U.S. to stick to its words. As U.S. Trade Representative Ambassador Jamieson Greer said following the talks, "it's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," China and the United States have many common grounds and interests that could've led to fruitful relationship development without all the tariff drama. Tariffs have been bad, not just for the two countries but for the global community at large.

The Anti-Tariff Declaration, which now has more than 1,800 signatures by Nobel laureates and prominent economists, has stated that the tariffs have "injected uncertainty and chaos into the global economy through wildly fluctuating rates and ever-changing orders." A recent Ipsos poll found that the proportion of people saying the U.S. will have an overall positive influence on world affairs has dropped by an average of 13 percent in 26 out of 29 countries. Notably, Canada saw a 33-point decline from 52 percent six months ago to just 19 percent. The IMF has reduced its global growth forecast 2025 to 2.8 percent, down from the previous prediction of 3.3 percent.

And it significantly harmed the average American. According to CNN's report in April, consumer sentiment plunged by 11 percent to 50.8, recording the second-lowest reading dating back to 1952 and was lower than any since the Great Recession. According to Joanne Hsu, Director of the Surveys of Consumers at the University of Michigan, "sentiment has lost more than 30 percent since December 2024 amid growing worries about trade war developments that have oscillated over the course of the year."

Kimberly Drennan, the CEO of a start-up called HiveTech Solutions, showed NPR that the starting price of her company's boxes is shooting up from $17,800 to more than $30,000. Marc Bowker, the owner of a family-run business, said the profit went from 30 percent to 16 percent "in a matter of days." Larry Adam, Chief Investment Officer at Raymond James, told CNBC that, should the tariffs continue, there would be shortages on the shelves in a month or two.

As Vice Premier He said at the press conference, China-U.S. economic and trade ties are mutually beneficial and win-win in nature. But allaying concerns or resolving differences could have been amicable without damaging people's livelihoods. And in spite of what China and the international community have said, the current U.S. administration has been intransigent in weaponizing tariffs to force what it considers capitulation in America’s interests.

The talks established the mechanisms and blueprint for progress in the future. But remember, the conclusion of the talks is the beginning of what could be a long and hard negotiation between China and the United States. 

Undoubtedly, a stable international trade order is beneficial for China, the U.S. and every country around the world. And stability requires strength to stay committed to reason and thoughtful deliberation, not impulses and a rush to get grandiose headlines in newspaper. The path ahead is still long and hard, but it could be accomplished if China and the world could count on the U.S. to stick to its words in the coming days, months and years.

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