The president of the United States, Donald Trumpsaid on Saturday (10) that the new round of negotiations with the China about trade war Between the two countries resulted in “great progress” and represented a “total reset” in bilateral relations. The conversations take place in Geneva, Switzerland, and will be resumed on Sunday (11). It was the first high-level meeting among US and Chinese authorities since the aggravation of the tariff dispute, which has caused instability in global markets.
In a publication on the Truth Social Network, Trump classified the meeting as “excellent” and wrote: “A total restricted but constructive traded reboot. Great progress made !!!”. The United States delegation is led by Treasury Secretary Scott Bessent and Commerce Representative Jamieson Greer. The vice-master-minister he Lifeng commands the Chinese team.
Since the beginning of his new term in January, Trump has expanded imports on imports, with a special focus on China, which has paid up to 145% on various products. In response, the Chinese government imposed 125% rates on US products and adopted other measures against US strategic sectors. The result was the cooling of bilateral trade and strong impacts on stock exchanges.
The meetings are being held in an official chalet of the Swiss government, linked to the country’s representation in the UN. According to Chinese state agency Xinhua, dialogue represents an important step towards resolving the conflict, although details on specific advances have not been released. On Friday (9), Trump indicated the possibility of reducing tariffs applied to Chinese products to 80%. According to US Secretary of Commerce, Howard Lutnick, the president “would like to appease the situation.” Even with the proposal, the White House maintains the position that any retreat in tariffs will depend on concessions by China.
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, classified the round of negotiations as “a positive and constructive step.” In April, she had warned that a possible “decoupling” between the world’s two largest economies could have serious consequences for global trade. Switzerland President Karin Keller-Sutter commented on the moment with a humorous tone to say that “after Rome, it is time for the Holy Spirit to come to Geneva,” in reference to the recent papal election.
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Despite an unexpected 8.1% growth in Chinese exports in April, the country’s sales to the United States fell almost 18% in the same period, highlighting the impact of the tariff dispute. Experts evaluate that negotiations can result in provisional measures. For German Marshall Fund’s Bonnie Glaser, a possible outcome would be the temporary suspension of the tariffs imposed this year. Already Lizzi Lee of the Asia Society Polycy Institute, believes that the advances can be only “symbolic” and will not resolve the background impasses. Professor XU Bin, from the China Europa International Business School (CEIBS), in Shanghai, demonstrated skepticism about tariff normalization. “Even if the rates are reduced, they will still be too high to allow normal trade,” he said.
*With information from AFP
Posted by Felipe Cerqueira
Source: Jovempan
I have been working as a journalist for over 10 years. In that time, I have covered the news from all corners of the world, and written about everything from politics to business.I’m now a full-time author, and my work can be found at Global happenings. My aim is to bring you up-to-date news and views on global affairs, in a format that is easy to read and understand.
