U.S. and China's Prolonged Talks on Trade Dispute: What's Going On?
Ongoing Customs Talks Between the U.S. and China Persist
Get ready for some juicy details on the ongoing trade talks between the US and China - two economic giants locked in a year-long tussle. The negotiations, which kicked off over the weekend and dragged on for eight hours, are set to continue on Sunday.
Insider Scoop Facebook Twitter WhatsApp Email Print Copy Link The high-stakes discussion, taking place in Geneva, Switzerland, is the first since US President Donald Trump initiated the trade war. Leading the US delegation is none other than the Treasury Secretary, Steven Mnuchin, who remained tight-lipped post-meeting.
The meeting, hosted at the residence of the Swiss UN ambassador on Lake Geneva, involves Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer, alongside Mnuchin. The situation is heating up as the outcome of these talks is expected to have a significant impact on global trade.
Trump Makes a Move
A small ray of hope shines through as Trump announced a slight concession, easing tariffs on certain electronic components crucial for US companies. However, the critical trade agreement between the US and China, due to their colossal trade volume and the world economy’s reliance on it, is still considered a top priority.
Getting Flexible
On Friday, Trump hinted at showing some flexibility, acknowledging that the hefty tariffs of 80% on Chinese goods might not be "appropriate". Currently, tariffs stand at 145%. But fear not, Trump’s spokesperson Karoline Leavitt made it crystal clear - China must also concede for any tariff reduction to occur.
Beijing, for its part, has consistently maintained that the US should remove its tariffs first. Chinese economist Xu Bin, speaking to the media, said that the Geneva meeting was primarily about communication, which, in his view, is a step forward. China is the only country worldwide imposing counter-tariffs against Trump's tariffs.
Before the sit-down, Mnuchin stated that the primary purpose of the meeting would be "de-escalation", not a "big trade deal". As he left the negotiations, Mnuchin stayed mum, leaving us all on the edge of our seats.
Stay tuned for more updates on this nail-biting duel between the world’s two superpowers!
Sources
- ntv.de
- mau/rts/AFP
Keywords
- Steven Mnuchin
- Donald Trump
- Tariffs
- Trade disputes
- China
- USA
Economic and monetary union among the EC countries is at stake due to the ongoing trade disputes between the United States and China. The tension between these two economic giants, with significant influence on global finance, business, and politics, is being closely watched.
The high-stakes negotiations, happening in Geneva, Switzerland, have a potential major impact on the world economy. Although US President Donald Trump recently announced a slight concession regarding tariffs on certain electronic components, the critical trade agreement between the US and China remains a top priority.
