Donald Trump has announced a “complete overhaul” in US-China trade relations following the initial day of discussions between high-level American and Chinese officials in Geneva aimed at easing the trade conflict triggered by his tariffs.
The US president commended the “very positive” talks and described them as “a complete overhaul achieved in a friendly yet productive way.”
“We aspire to see, for the benefit of both China and the U.S., greater access for American businesses in China,” he shared on his Truth Social platform early on Sunday, stating: “SIGNIFICANT ADVANCEMENTS MADE!!!” He did not specify what those advancements were.
Today, high-ranking officials from the US and China concluded the initial day of discussions in Switzerland, focusing on reducing tensions that could negatively impact the global economy. According to an insider familiar with the talks, negotiations were anticipated to resume on Sunday.
China's Vice Premier, He Lifeng, engaged in an approximately eight-hour discussion with US Treasury Secretary, Scott Bessent, and US Trade Representative, Jamieson Greer, marking their first in-person meeting since the two largest economies imposed tariffs exceeding 100% on one another's products.
This year, tariffs imposed by Trump on Chinese imports have reached 145%, with some US duties on certain Chinese goods totaling 245% cumulatively. In response, China has implemented retaliatory tariffs of 125% on American products, effectively creating a near trade embargo between the two nations.
Neither party issued any comments afterward regarding the content of the talks, nor did they indicate any notable advancements towards alleviating the severe tariffs following the meetings held at the home of Switzerland’s ambassador to the UN, which wrapped up around 8 PM local time (1800 GMT).
Bessent, Greer, and He convened in Geneva after weeks of increasing tensions sparked by Trump’s tariff initiatives that began in February, and the subsequent retaliation from Beijing, which has effectively halted nearly $600 billion in
The site of the discussions in the Swiss diplomatic center was never disclosed. However, observers noted that both groups returned after their lunch break to the secured UN ambassador’s residence in Cologny.
Previously, U.S. officials, including Bessent and Greer, appeared to be in good spirits as they departed their hotel en route to the negotiations. Bessent opted not to comment to the press. Meanwhile, Mercedes vans with dark-tinted windows were spotted leaving a hotel where the Chinese team was accommodated.
Washington aims to decrease its $295 billion trade deficit in goods with Beijing and encourage China to abandon what the US describes as a mercantilist economic system while contributing more to global consumption. In response, Beijing has resisted what it perceives as outside interference and is urging Washington to lower tariffs and specify what products it expects China to purchase more of.
China's official Xinhua news agency remarked in a commentary on Saturday that the US’s “reckless abuse of tariffs” has disrupted the global economic order, but it also noted that the ongoing negotiations are “a positive and necessary step towards resolving conflicts and preventing further escalation.”
Economic analysts have modest hopes for a significant breakthrough. On Friday, Trump indicated that an 80% tariff on Chinese products “appears appropriate”, marking the first time he proposed a specific alternative to the 145% tariffs he has enacted on Chinese imports.
He mentioned that the conversations were started by China. However, Beijing stated that it was the US who sought the discussions and affirmed that its stance against US tariffs remains unchanged.
Howard Lutnick, the US commerce secretary, expressed on Fox News on Friday: “The president wishes to reach an agreement with China. He aims to de-escalate the situation.”
Karoline Leavitt, Trump’s press secretary, emphasized that the US would not reduce tariffs on its own initiative and that China would have to make concessions.
Guy Parmelin, the Swiss economy minister, met with representatives from both sides in Geneva on Friday and remarked that the mere fact that talks were occurring was already a positive development.
“If a roadmap is created and they choose to keep the discussions going, that will help ease tensions,” he told reporters on Friday, noting that talks could extend into Sunday or even Monday.
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