The three-month détente in the US-China trade war, announced on Monday morning, is undoubtedly a relief for the global economy. Both sides agreed to slash duties on each other by 115 percentage points and established a “consultation mechanism” to help resolve ongoing trade disputes. Beijing also said it would “suspend or cancel” non-tariff measures taken against America, which includes curbs on critical mineral exports. The thawing of ties between the world’s two largest economies will buoy households, businesses and financial markets at home, as well as in countries caught in the crossfire. But optimism should be tempered.
週一上午，美中貿易戰宣告暫時休戰三個月，這無疑令全球經濟鬆了一口氣。雙方同意互降115個百分點的關稅，並建立協商機制以解決仍在持續的貿易爭端。北京方面還表示，將暫停或取消先前對美實施的非關稅措施，其中包括關鍵礦產的對美出口限制。全球最大兩個經濟體之間的關係回暖，將不僅提振兩個國家裏的家庭、企業與金融市場，也將利好那些被捲入貿易衝突的國家。但也不應該太樂觀。