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Following two days of trade negotiations in Switzerland, the lead US negotiator expressed optimism about resolving tensions between the world’s two largest economies, praising the talks as “a great deal of productivity.”
According to Reuters, this comes after US President Donald Trump’s imposition of steep tariffs on China, which prompted Beijing to take retaliatory measures, Reuters reported.
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U.S. Treasury Secretary Scott Bessent stated on Sunday that the discussions made “substantial progress,” though he provided few details about the specific issues covered in the negotiations.
He said more details would come at a briefing Monday.
US Trade Representative Jamieson Greer suggested that an agreement had been reached but provided no details. He and Bessent briefly addressed reporters once talks had wrapped at the stately villa that serves as the residence of the Swiss ambassador to the United Nations in Geneva, but did not take questions., according to a report by Reuters.
“It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought,” Greer said.
But he also stressed that a top Trump priority means closing the U.S. trade deficit with China, which came to a record $263 billion last year.
“We’re confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency,” Greer said.
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‘Devil in detail’
White House Press Secretary Karoline Leavitt later clarified that the United States would not lower tariffs unilaterally. China would also need to make concessions, she said, as reported by AFP.
“It’s definitely encouraging,” Asia Society Policy Institute (ASPI) vice president Wendy Cutler told AFP on Sunday after the talks had concluded. “The two sides spent over 15 hours in discussions,” she said. “That’s a long time for two countries to be meeting, and I view that as positive.”
But, she added, “the devil will be in the details.”
The White House subsequently issued a statement titled, “U.S. Announces China Trade Deal in Geneva” but offering only the same quotes by Bessent and Greer.
The Chinese delegation held a subsequent news conference where it described what occurred as “candid, in-depth and constructive dialogue.” Chinese Vice Premier He Lifeng said both sides had agreed to “establishing a consultation mechanism” for further discussions on trade and economic issues.
China’s negotiators also said that they and the U.S. team would be releasing a joint statement on Monday — though the timing was still uncertain.
“I think, no matter when this statement is released, it’s going to be good news for the world,” said Li Chenggang, the Chinese ambassador to the World Trade Organization.
Beijing, however, appeared largely more measured about the negotiations’ overall direction, noting in a Saturday night editorial published before the second day of negotiations kicked off, that it would “firmly reject any proposal that compromises core principles or undermines the broader cause of global equity.”
Negotiations could go a long way toward stabilizing world markets roiled by the US-China standoff that has ships in port with goods from China unwilling to unload until they get final word on tariffs.
Last month, US President Trump increased US tariffs on Chinese goods to a combined total of 145%, prompting China to respond with a 125% tariff on American imports.
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These steep tariffs have essentially led both nations to stop trading many products with each other, disrupting a trade relationship that exceeded $660 billion last year.
Although the Trump administration has placed tariffs on multiple countries, the trade conflict with China has been the most severe.
It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought.
Among the US tariffs on Chinese products is a 20% levy aimed at pressuring China to take stronger action against the export of the synthetic opioid fentanyl into the U.S.
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We’re confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency.