A Long-Haul Talkover: USA & China Continue Trade Negotiations
Ongoing custom talks between the U.S. and China persist
Here's the lowdown on the latest round of trade discussions between the USA and China.
For the initial time since Trump ignited a trade war with Beijing, high-level delegations from both nations recently found themselves in intense, eight-hour-long talks. Treasury Secretary Bessent remained mum after the lengthy meeting. Discussions are set to continue Sunday.
These confidential conversations, initiated over the weekend in Geneva, are far from an ordinary chit-chat session. The person in the know confirms they'll continue on Sunday, making it abundantly clear the stakes are high.
Economy Insights: Ready for the Spotlight
The major players in this dance include Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Greer. The marathon meeting at the Swiss UN ambassador's lakefront residence marked the first encounter since Trump instigated the trade conflict.
With the world closely watching and anticipating the outcome, the meeting's result could shape the future of international trade. Financial markets worldwide have experienced turbulence following Trump's announced tariffs.
Trump Plays a Softer Tune
Although the US recently inked a first bilateral trade deal with the UK, the deal with China is considered the most critical, given the immense trade volume and its influence on the world economy. The US-China trade volume placed over 100 percent tariffs on each other's goods, with the latter restricting export of rare earths vital for electric mobility.
However, Trump softened his stance, granting exemptions for specific electronic components that U.S. businesses rely on.
On Friday, Trump indicated some flexibility, stating that 80 percent tariffs on Chinese goods are suitable. Intriguingly, he mentioned reducing tariffs to 145 percent. Trump's spokesperson, Karoline Leavitt, emphasized that China must also make concessions, as the U.S. won't unilaterally lower tariffs.
Power Play: Both Sides Chip In
Beijing has continually insisted that the U.S. should remove its tariffs first. Chinese economist Xu Bin said the Geneva meeting was more about demonstrating dialogue rather than achieving a substantial trade deal, stressing its importance. China is the lone country worldwide to counter Trump's tariffs. Previously, Bessent had stated that the Geneva discussions would focus on "de-escalation" instead of a "big trade deal." Bessent kept quiet as he exited the negotiation venue at dusk.
Source: ntv.de, mau/rts/AFP
- Scott Bessent
- Donald Trump
- Tariffs
- Trade Conflicts
- China
- USA
- The economic and monetary union of EC countries may be affected by the ongoing trade conflicts between the USA and China, as the outcome of their negotiations could shape the future of international trade.
- The discussions between the USA and China, taking place in the context of politics and business, are happening despite the tariffs imposed by both sides.
