What kind of 'big deal' do China and the US need?: Global Times editorial

By Global Times

Published: Apr 24, 2025

https://www.globaltimes.cn/page/202504/1332750.shtml

On Tuesday, US President Donald Trump told reporters that a 145 percent tariff on Chinese goods is very high, and that once an agreement is reached with China, US tariffs on Chinese imports will come down substantially. "We're going to live together very happily and ideally work together," he said. Earlier, US Treasury Secretary Scott Bessent said the US' goal is not to decouple from China, noting the "trade war with China is unsustainable" and the battle will de-escalate "in the very near future." These remarks drew widespread attention in the international community. On Wednesday, the Chinese Foreign Ministry responded, saying that if a negotiated solution is truly what the US wants, it should stop threatening and blackmailing China and seek dialogue based on equality, respect and mutual benefit.

The turmoil and disruptive impact caused by the tariff war launched by the US is becoming increasingly apparent. Lately, the US market has been gripped by growing fears of recession and inflation. According to the Peterson Institute for International Economics, US economic growth in 2025 is projected to plunge from the previous year's 2.5 percent to just 0.1 percent. To reverse this unfavorable outlook, the US will need to alter its flawed trade and tariff policies. According to reports, lobbying groups from the agriculture, construction, manufacturing, retail, and technology sectors have been urging the White House to further ease tariff measures. A recent CNBC survey found that the majorities believe tariffs are "bad for American workers, inflation and the overall economy." The US side's relevant statements quickly triggered a market reaction. US stocks rebounded sharply from previous steep losses, and the three major indexes each posted their best day in two weeks on Tuesday. Euro Stoxx 50 rose by 3.24 percent, and Asian markets also saw gains. 

All signs point to a clear message: the international community wants to see cooperation - not confrontation - between China and the US. This once again underscores that economic globalization is an irreversible historical trend, and that upholding international trade rules and fairness is a shared aspiration. The fundamental nature of China-US economic and trade relations is mutual benefit and win-win cooperation - something that has once again been affirmed.

China has said from day one that tariff and trade wars have no winners, protectionism leads nowhere, and to "decouple" is to self-alienate. The US' mistake is not just that the "145 percent tariff is too high," but more importantly, that under the guise of "trade rebalancing," it imposes trade restrictions and exerts pressure in negotiations, using tariffs as a tool for threats and coercion. The "reciprocal tariffs" have not worked out as Washington had hoped. History has repeatedly shown that trade protectionism does not improve a country's economy; instead, it severely undermines the global trade and investment system, and may even trigger a global economic crisis, only harming both others and itself. 

China and the US are the world's top two economies. Economic and trade cooperation between the two countries is so huge, substantive, and broad-based, involving so many players, that it is only natural for some differences and frictions to exist. The key lies in respecting each other's core interests and major concerns, and resolving disagreements properly through equal and sincere dialogue.

If the US truly wishes to address its concerns through negotiations, it should adopt a correct attitude and demonstrate genuine sincerity. Saying one thing about wanting to reach an agreement with China, on the other hand simultaneously applying maximum pressure is not the right way to engage with China, and it simply won't work.

Both China and the US are major powers, and major powers should act like it. The US has repeatedly mentioned a "big deal" to be done with China. Indeed, if there is to be a true "big deal" between China and the US, it should be one based on mutual respect, peaceful coexistence, and win-win cooperation. That is the right path for China-US relations in the new era.

What the two sides should be discussing is how to strengthen dialogue in a mutually respectful way, manage differences prudently, advance cooperation in the spirit of mutual benefit, and step up coordination on international affairs in a responsible way. This is the kind of "big deal" the world truly hopes to see, and it is the direction in which China and the US should be working together. The entire international community, including both countries, will benefit from it.

The US was once an advocate of the current multilateral economic and trade rules, while China has been an active participant. These widely accepted multilateral rules have significantly lowered the cost of international economic and trade cooperation, improved efficiency, and ensured a basic level of fairness and justice. China-US economic and trade relations are not only of great significance to both countries but also have an important impact on global economic stability and development.

As a Chinese saying goes, "We do not only listen to what one says but also watch what one does." The US side is expected to join forces with the Chinese side to pull in the same direction, so that the two countries can address their respective concerns through equal-footed dialogue and consultation, and jointly promote the healthy, stable and sustainable development of bilateral economic and trade relations.