Starting Wednesday, the United States will lower its punitive tariffs on Chinese goods from 145% to 30%. China will respond in kind, dropping its retaliatory duties from 125% to 10%. 

This is a big change from the near-embargo levels both sides had maintained, freezing nearly $600 billion in two-way trade and straining global supply chains.

For months, there have been high tariffs, factory slowdowns, and markets on edge. Now, with this deal, the two countries are finally showing willingness to talk, not threaten.

Speaking from Geneva after two days of negotiations, U.S. Treasury Secretary Scott Bessent said plainly, “Both countries represented their national interest very well.” He added, “We both have an interest in balanced trade, the U.S. will continue moving towards that.”

The deal, reached during face-to-face meetings at the U.N. ambassador’s villa overlooking Lake Geneva, also includes a commitment to ongoing discussions, alternating between the U.S. and China. Both governments published a joint statement outlining the framework for continued talks.

“The consensus from both delegations this weekend is neither side wants a decoupling,” Bessent said. “And what had occurred with these very high tariffs … was the equivalent of an embargo, and neither side wants that. We do want trade.”

This unexpected softening comes just months after President Trump, having returned to office in January, escalated the trade war to new heights by raising tariffs to 145%. 

China retaliated with equally aggressive tariffs and export restrictions on rare earth materials, key inputs for U.S. industries ranging from defence to consumer electronics.

Markets reacted instantly. Wall Street futures jumped. The Hang Seng in Hong Kong surged by 3.4%. In Europe, container shipping giant Maersk rose more than 12%, and luxury brands like LVMH and Kering recorded gains of 7.4% and 6.7% respectively. Oil prices also rose, with Brent Crude climbing 2.8%.

Economists had expected a more modest rollback, if any. Zhiwei Zhang of Pinpoint Asset Management said, “This is better than I expected. I thought tariffs would be cut to somewhere around 50%.” He added, “Obviously, this is very positive news for economies in both countries and for the global economy.”

But don’t mistake this deal for a full reconciliation. The U.S. tariffs targeting critical sectors such as electric vehicles, semiconductors, steel, and pharmaceuticals will remain in place. According to Bessent, these areas are still considered strategic and vulnerable.

“We have identified 5 or 6 strategic industries and supply chain vulnerabilities and we will continue moving towards US independence or reliable supplies of allies on those,” he said.

While much of the attention was on tariffs, the discussions unexpectedly touched on the U.S. fentanyl issue, a national security issue that Trump cited when imposing some of the original tariffs. 

Chinese negotiators reportedly showed unusual openness to cooperation. A Chinese deputy minister was specifically sent to address the opioid issue, which Bessent later described as “the upside surprise for me from this weekend.”

It’s too early to say whether this 90-day truce will lead to a lasting agreement. But it has halted, at least temporarily, a damaging escalation.

This weekend’s meetings may just be the start of a longer, complicated road toward resolving issues over intellectual property, forced technology transfers, and unfair subsidies.

President Trump, speaking before the deal was formally announced, described the talks as “a total reset… in a friendly, but constructive, manner.”

The event, taking place on Wednesday, October 9th, and Thursday, October 10th, 2024, at the Eko Convention Centre in Lagos, Nigeria, will bring together some of the most audacious leaders in the global technology industry.

The conference is also introducing a new content track around Government, Policy & Regulation and will be hosting a roundtable on international trade.

Confirmed speakers for the roundtable include Wale Edun, minister of Finance and coordinating minister of the Economy of Nigeria, Dr. Bosun Tijani, minister of Communications, Innovation and Digital Economy of Nigeria, and Jonny Baxter, British deputy high commissioner. 

Other notable speakers expected are: Nankling Danfulani, Foreign Commonwealth & Development Office (FDCO); Michel Deelen, consul general of the Kingdom of the Netherlands; Florent Mangin, head of Regional Economic Development, France; Augustina Odame, chief executive officer, Ghana Chamber of Technology; Sid Ali, CEO, Algeria Ventures, Sunil Natraj – CEO of Jumia Nigeria, and many other highly accomplished thought leaders.

With Africa’s share of global and intra-regional trade standing at 3% and 13% respectively, this pan-African ministerial roundtable will provide a platform for key trade stakeholders to exchange ideas, share best practices, and forge partnerships that will drive digital trade and economic integration focus. 

A fireside chat on “The Role of Technology in Driving the Growth of the Nigerian Economy” with Dr. Bosun Tijani and Wale Edun; as well as a Ministerial Roundtable with Dr. Bosun Tijani to discuss Nigeria’s digital economy landscape and the ministry’s blueprint, are also lined up.

Acknowledging the growing trend of African startups venturing into global markets, the theme for Moonshot by TechCabal 2024 is: Building for the World, which addresses the challenges and opportunities that African founders and operators face as they navigate the complexities of global expansion. 

Through this event, over 3,500 delegates will gain timely and practical insights from experienced global and African business leaders, who will share strategies for successfully building world-class ventures in various sectors from fintech to commerce, renewable energy, climate change, tech policy, AI, telco, cloud and more.

Headline sponsored by Sabi, a provider of digital commerce infrastructure for Africa, Moonshot is introducing three additional content tracks to the five tracks from last year: The Future of Commerce, Big Tech & Enterprise, Emerging Tech Fest, Startup Festival, and Creative Economy. These new tracks include:

• FUEL: The Investor Conference – Offering opportunities to understand the investment landscape in Nigeria and Africa, and connect with investors and high-quality startups.
• Government, Policy & Regulation Conference – this track will bring together ministers and their representatives from across the continent to discuss and agree on concrete policy actions that will drive the growth of the digital economy and foster trust and collaboration.
• Clean & Climate Tech – Focusing on Africa’s fast-growing climate tech industry and its opportunities. 

In addition, the two-day pan-African conference will introduce new formats, including demos and roundtables that showcase how innovative technology is tackling critical challenges. 

Attendees can also look forward to more investor engagement with sessions in the investor lounge and a dedicated area for startup pitches. 

Furthermore, expanded networking opportunities will be available through various social events, mixers, and off-conference gatherings designed to foster meaningful connections and collaborations.

Tomiwa Aladekomo, CEO of Big Cabal Media said “Africa’s vibrant tech ecosystem is breaking boundaries and redefining what is possible on the global stage. As we edge closer to this year’s Moonshot by TechCabal, we are focused on exploring critical questions about how Africa is building for the world and how we can leverage actionable policies to enhance the digital economy. 

“This conference will also shine a spotlight on the booming sectors, such as climate tech, which captured a third of last year’s startup funding – a clear signal of where the future is headed. 

“We’re eager to see the great impact of this gathering, where the continent’s most audacious minds and global actors will come together to drive the African tech ecosystem forward. The discussions and synergies that will take place at Moonshot have the potential to shape the future of African innovation on a global stage.”

TechCabal is a tech publication in Africa which provides reporting, data and context that help investors and professionals globally understand where African tech is and where it is going. 

The inaugural Moonshot event was held in October 2023 in Lagos, attracting over 2,600 attendees and 85 industry-leading speakers from across Africa and beyond. 

Highlights included the TC Battlefield competition, where a total of four million naira in cash prizes was awarded to the winner, truQ, and runner-up, Jamit. 

Additionally, Nigeria’s minister of communications Bosun Tijani unveiled his blueprint to train 3 million technical talents across the country in the next four years.

Speaking on the inspiration behind this year’s theme Muyiwa Olowogboyega, editor-in-chief of TechCabal, said, “Over the last decade, we’ve been at the heart of narrating African tech stories, documenting the challenges, grit, successes and failures. As African startups continue to expand globally, Moonshot is our way of bringing the ecosystem together to confront the complexities of global expansion. 

“The challenges of scaling innovation are universal, and we are committed to not only discuss this evolving disruption but also to present practical takeaways that will enable other players in the ecosystem to follow suit.”

Anu Adedoyin Adasolum, co-founder and CEO of Sabi, said “This year’s Moonshot conference will undoubtedly spur important ideas for how African technology companies can build and service the global markets. Sabi connects African markets with one another and the rest of the world, and we applaud any initiative that aims to strengthen African commerce by fostering innovation, collaboration, and sustainable growth across the continent.”

Moonshot by TechCabal is also sponsored by 54 Collective (Formerly Founder Factory Africa), Raenest, Sparkle, Quidax, Meta, Tramango, Budpay, Cardtonic, ZedCrest, Vendy, Heckerbella and Flutterwave, and is open to global and African VC investors, startup founders, top tech CEOs, industry professionals at all levels, students, and tech support organisations. 

Exhibitors will include the continent’s most innovative startups, leading enterprise companies, global tech giants, and a range of service providers. 

Sponsorship information or tickets to attend Moonshot can be accessed here.