US-China Trade Talks: Trump Declares "Fresh Beginning" in Geneva
Trump declares a fresh start in relations with China
In a spirited announcement, US President Donald Trump proclaimed the onset of trade negotiations with China in Geneva as a "fresh beginning." Posting on his Truth Social platform, Trump shared his sentiments, describing the discussions held on May 11, 2025, as cordial yet purposeful.
According to the President, discussions between Chinese delegates and American counterparts coiled for eight hours, with numerous topics being tackled and a multitude of agreements reached. The talks were characterized as "very good" by the President, emphasizing the substantial progress made.
Trump has long accused China of employing unfair trade practices and imposing strict tariffs on US goods. In response, he has imposed a 145% tariff on Chinese merchandise. China responded with a reciprocal 125% tariff on US goods.
Amid escalating tensions, both nations have earlier adopted a posture of bravado, implying that they would not be the first to extend an olive branch. With the latest developments, it appears that the tide is changing.
Trump seemingly signaled a shift in his stance, raising the possibility of reducing US tariffs to 80% on his social media channel. The high tariffs between the world's two largest economies have significantly affected global trade and pose a threat to global economic growth.
The Geneva talks were spearheaded by the US Secretary of the Treasury, Scott Bessent, along with Chinese Vice-Premier He Lifeng. US Trade Representative Ambassador Jamieson Greer also participated. Negotiations are set to recommence on May 12, 2025.
Ahead of the discussions, Bessent stated that an accord was not anticipated in Geneva, but rather a mutual understanding on pertinent issues. China emphasized the importance of negotiations that uphold equality and require the US to rectify its errors.
While specifics about the concessions made by both parties remain undisclosed, it is suggested that the agreement serves as a foundation to address the ongoing trade deficit and other trade-related challenges. Further details pertaining to the deal are expected to be disclosed in a briefing in the coming days.
[1] Sources: National Public Radio, Associated Press.
The Commission has also been consulted on the draft budget, as politics and general news continue to be dominated by the US-China trade talks. finance and business sectors are closely monitoring the negotiations' progress, with stakeholders hoping for positive policy-and-legislation outcomes that foster fair trading conditions. In Geneva, the talks are being led by US Secretary of the Treasury Scott Bessent, US Trade Representative Ambassador Jamieson Greer, and Chinese Vice-Premier He Lifeng, and discussions are expected to continue on May 12, 2025.
