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China-US economic and trade meeting in Geneva: Easing tensions amid global uncertainty

China and the United States released a joint statement on Monday following their economic and trade meeting in Geneva. According to the statement, the two nations agreed to eliminate 91 percent of existing tariffs and suspend 24 percent worth of tariffs announced following April 2 for an initial 90-day period, leaving the remaining 10 percent in place. During the meeting, both sides also agreed to establish a mechanism for continued dialogue on their trade and economic relations. In parallel with the diplomatic outreach, China has also stepped up efforts to revitalize its domestic market. On May 15, China's National Development and Reform Commission held a symposium with private firms to gather opinions on current economic conditions. China is also implementing a 0.5 percentage point reduction in the reserve requirement ratio (RRR) for eligible financial institutions, injecting roughly 1 trillion yuan (about $139 billion) of long-term liquidity into the financial market.