China and the United States recently confirmed that beginning on the 12th, both sides would again mutually suspend tariff measures for 90 days. U.S. Treasury Secretary Benson stated on the 19th that both sides have had very constructive negotiations on tariff issues, and another meeting is expected before November.
In an interview with US media, Benson pointed out that China is currently the largest source of US tariff revenue, and described the current situation with China as quite good. The US has continuously urged China to stop purchasing Russian oil and to exert pressure concerning the war in Ukraine. However, U.S. President Trump stated recently that, in view of ongoing Russia-Ukraine peace talks, the US does not intend to impose retaliatory tariffs on China for the time being. When asked about the possibility of the Hungarian capital Budapest becoming the venue for a US-Russia-Ukraine summit, Benson said directly that it is possible, but a bilateral meeting between Russia and Ukraine must take place first.
Zhao Suisheng, a tenured professor at the Josef Korbel School of International Studies at the University of Denver and director of the Center for US-China Cooperation, stated on the 18th that Trump's initiation of the trade war objectively promoted a "wake-up call" in Chinese society, causing China to no longer hold illusions about the US, and to proactively accelerate preparations to cope with long-term containment. He remarked that although the shifting balance of power has brought China-US relations into a period of strategic stalemate, if the US mobilizes and strengthens industrial policy and learns from China, it could catch up quickly. Therefore, by 2035 or later, there remains significant uncertainty in the trajectory of the China-US rivalry.