Mask off: US-China trade talks stretch over eight hours, set to continue
Ongoing talks on custom matters between the United States and China persist.
Whew, here we go again! After intense trade escalation initiated by President Trump, the powers that be from the USA and China are finally having a sit-down to discuss a solution. Treasury Sec Bessent kept mum after eight grueling hours of talks. talks are slated for another round on Sunday.
The USA and China have set their difference aside, at least temporarily, to hash out their trade beef. Purportedly, high-ranking delegations from both countries have been secretly meeting in Geneva since Saturday, with a plan to catch up again on Sunday. Accordng to sources, the whisper-worthy talks were facilitated by the Swiss government, who made sure the conversation stayed cozy.
Economy: Trade experts analyze the tête-à-tête The drawn-out summit witnessed US Treasury Sec Bessent, US Trade Rep Ambassador Jamieson Greer, and Chinese Vice Premier He Lifeng chewing the fat for about eight hours. Reportedly, the meeting, which took place at the Swiss UN ambassador's lakefront pad, was the first such gathering since the trade troubles began.
People worldwide are glued to the proceedings, with the fate of global trade hanging in the balance. Trump's proposed tariffs have been a rollercoaster ride for financial markets, causing quite a stir.
Trump softens stance ever-so-slightly
While the USA sealed its inaugural bilateral trade deal with the UK last week, the one with China remains a heavyweight champion, given the gargantuan trade volume and global economic significance. The USA and China have decided to smack tariffs on each other that total 100% and more. China also has put a pin in exporting those precious rare earth metals crucial for electric mobility. But Trump surprised everyone by loosening up a bit, allowing exceptions to import tariffs for certain electronic components relied on by US companies.
Economy: Ministers debate tariffs On Friday, Trump hinted at compromise, admitting that 80 percent tariffs on Chinese goods are on point. However, tariffs currently stand at 145 percent. But Trump's spokesperson, Karoline Leavitt, made it clear that China must reciprocate and make some concessions, as the US won't unilaterally bow to pressure.
The Chinese have been demanding that the US drops its tariffs before any discussion of concessions can occur. Chinese economist Xu Bin believes that the Geneva meeting is all about showing good faith, which is a crucial element in the game. China is the only country worldwide that's retaliated against Trump's tariffs by enforcing countertariffs. Before the meeting, US Treasury Sec Bessent announced that the Geneva talks would focus on de-escalation instead of reaching a massive trade deal. He held his tongue when he vacated the negotiation site Saturday evening.
Soure calls the shots on this one.
- Scott Bessent
- Donald Trump
- Tariffs
- Trade disputes
- China
- USA
- The prolonged trade talks between the USA and China, under the supervision of Treasury Sec Bessent and other high-ranking delegations, have been a focal point in global news, finance, politics, and business, as the economies of EC countries could significantly be affected by the outcome of these negotiations.
- The tense trade disputes between the USA and China, marked by tariffs, have been a topic of intense analysis among economic and monetary union experts, with their resolution or continuation impacting the overall health and stability of the global economy.
