In a bid to ease the ongoing tariff war, senior negotiators from the US and China have resumed high-level trade talks.
What Happened: On Sunday US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are spearheading the discussions in Geneva. This marks the first publicized, face-to-face negotiations since the initiation of heavy tariffs by both nations.
President Donald Trump characterized the talks as a “very good” meeting and expressed his wish for China to become more receptive to American business. US trade chief Jamieson Greer is also a part of the negotiation team.
On Saturday in a post on Truth Social, Trump said a “great progress” was made.
“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!,” he wrote.
Also Read: Trump Proposes Major Cut in China Tariffs, Signaling Shift in Trade War
The ongoing tariff war has caused turbulence in financial markets, threatened product shortages, and led to price hikes for American consumers. This has exerted pressure on Trump to settle the dispute with Chinese leader Xi Jinping.
Despite China’s cautious stance, the talks are seen as a crucial step in resolving the trade conflict. Nevertheless, the Chinese state-run news agency Xinhua underlined China’s resolve to safeguard its national interests and uphold order in international trade.
The two economies, boasting a combined gross domestic product of $46 trillion, could suffer significant losses if the talks collapse.
Last week In an interview with NBC News, Trump claimed that Chinese officials “want to make a deal very badly. We’ll see how that all turns out, but it’s got to be a fair deal.” He also said he expected to lower tariffs on China “at some point.”
Why It Matters: The resumption of these talks is a pivotal moment in the ongoing trade war between the two economic superpowers. The conflict has had far-reaching effects, impacting global markets and causing uncertainty for businesses and consumers alike.
The outcome of these negotiations could have significant implications for international trade, potentially setting the tone for future trade relations between the US and China.
The stakes are high, and the world watches with bated breath as the two nations attempt to find common ground.
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