New take on the prolonged USA-China trade tussle: talks continue in Geneva, but a breakthrough remains elusive
Ongoing custom discussions between the United States and China persist
Get ready for another round of updates on the ongoing trade talks between the USA and China! This time, high-level delegations from both countries gathered in Geneva for a marathon eight-hour meeting last Saturday. Treasury Secretary Steven Mnuchin remained tight-lipped after the discussion, and the talks are set to resume on Sunday.
The economy is anxiously watching as a resolution to this dispute could significantly impact global trade. President Trump's announced tariffs have caused quite the turmoil in financial markets worldwide.
Key Insights:
- The quiet diplomacy between Vice Premier Liu He, Mr. Mnuchin, and U.S. Trade Representative Robert Lighthizer lasted around eight hours. This was the first meeting since the trade war kicked off by Trump.
- Experts suggest China has been preparing for a scenario like this for years, hinting that the Chinese delegation may be well-equipped to navigate the discussions.
- The Geneva meeting serves as a crucial step towards de-escalating the intense trade dispute between the two titans of the global economy. The USA and China have imposed massive tariffs on each other, exceeding 100%.
New Developments:
- Trump indicated a slight concession by announcing exemptions from import tariffs for certain electronic components that American companies rely on. However, he stressed that Beijing must also make concessions for these tariffs to be lowered unilaterally.
- Chinese officials have repeatedly insisted that the US must first remove its tariffs before making any progress. Chinese economist Xu Bin, for example, sees the talks as an important display of willingness to communicate.
- Mnuchin left the negotiating site without commenting, suggesting the discussions are ongoing and the details remain under wraps.
Context:
These talks are particularly significant given the enormous trade volume and the global economy's reliance on US-China trade. The US imposed tariffs on goods from China have sharply declined, causing a ripple effect across the world.
Sources: ntv.de, mau/rts/AFP
Keywords: Trump, Mnuchin, tariffs, trade conflicts, China, USA
- Treasury Secretary Steven Mnuchin and Vice Premier Liu He, among others, have been deeply engaged in discussions regarding the economic and monetary union of EC countries, aiming to de-escalate the intense trade dispute between the USA and China.
- The ongoing trade talks between the USA and China could have a substantial influence on global economics, hence the constant updates on the progress of the monetary union negotiations.
- In the wake of the prolonged USA-China trade tussle, their high-level diplomacy over economic and monetary union continues, with negotiations taking place on WhatsApp and other platforms.
- The economic and monetary union discussions between the USA and China are involving various aspects of finance and business, as well as politics and general-news, all of which the economy is closely following.
- Despite Trump's recent announcement of exemptions from import tariffs for specific electronic components, the monetary union negotiations between the USA and China remain complex, as China insists on the removal of existing tariffs before any concessions can be made.
