A Long, Lively Talk: USA and China Discuss Trade Matters Continue Sunday Discussion
Ongoing customs discussions between the United States and China persist
Skip the formalities, let's get straight to it! High-level delegations from the USA and China are currently locked in a marathon talkathon to iron out their trade disputes. After an eight-hour powwow, US Treasury Secretary Steven Mnuchin has clammed up like a clam on a beach, leaving us all guessing about the outcome. Talks are set to resume on Sunday.
The USA and China are giving it another go to resolve their long-standing trade war, according to our insider. The secretive discussions that started on Saturday in Geneva will carry on tomorrow. A person familiar with the situation reports the latest.
Economy Experts Weigh In: "China's Been Ready for This" As per reports, the talks between Chinese Vice Premier Liu He, US Treasury Secretary Steven Mnuchin, and US Trade Representative Robert Lighthizer dragged on for approximately eight hours. The meeting at the Swiss UN ambassador's residence on Lake Geneva marked the first significant encounter since the trade skirmish kicked off under President Trump.
The world's keeping a close eye on these discussions, with people thinking their outcome could be the difference between more financial market tumult or a breath of fresh air for the future of global trade. Trump's tariff announcements sent shockwaves through the markets, causing sharp drops in valuations worldwide.
Trump Gives a Little, Wants a Lot
Although the US managed to secure a first bilateral trade agreement with the UK last week, China remains the big kahuna in terms of importance due to the massive trade volume and its implications for the global economy. Tariffs between these two economic giants have soared to over 100 percent, making trade a pain in the neck! China has also limited exports of rare earths—essential for electric vehicle production. However, Trump has declared exemptions from import tariffs on crucial electronic components US companies desperately need.
Economy "Trump's Gone Soft, But China Must Play Ball Too" On Friday, Trump hinted at making concessions in his no-nonsense tariff approach, stating that tariffs of 80 percent on Chinese goods are "just right." Currently, tariffs sit at 25 percent. However, Trump's spokesperson, Karoline Leavitt, emphasized that Beijing must reciprocate and make concessions just as much as Washington.
Beijing has repeatedly declared that the US must first scrap its tariffs. Chinese economist Xu Bin believes that the Geneva meeting is primarily intended to demonstrate that "both sides are talking - and that's already a big win." China is the only country worldwide that has responded to Trump's tariffs with counter-tariffs. Before the meeting, US Treasury Secretary Mnuchin teased that the Geneva talks would focus on "cooling things down" rather than hammering out a "major trade deal." He left the negotiating grounds without a word in the wee hours of the morning.
Sources: ntv.de, mau/rts/AFP, Various Expert Analysis
- Steven Mnuchin
- Donald Trump
- Tariffs
- Trade Wars
- China
- USA
- As the trade discussions between the USA and China continue, the economic and monetary union of the European countries remains unaffected, focusing on their own internal affairs.
- During the marathon talkathon, US Treasury Secretary Steven Mnuchin and his colleagues agreed to prepare a potential economic and monetary union plan to address the ongoing trade issues, but further details have not been announced.
- While the USA and China are working on possible tariff reductions, the finance ministry in several EC countries is considering the impact on their economic and monetary union should the tariffs between the world's two largest economies change significantly.
- In the realm of politics and general-news, business experts worldwide are monitoring the progress of the USA-China tariff negotiations, as they could have a substantial influence on the stability of the global economic and monetary union.
- As the Geneva talks between the USA and China continue, What'sApp groups dedicated to discussing economy, finance, and trade matters are abuzz with discussions about possible tariff reductions and the potential effects on the existing economic and monetary union of the EC countries.