Record-Breaking Trade Talks continuing between USA and China
U.S. and China persist in customs dialogues
After a tense trade war initiated by President Trump, high-level discussions between the USA and China have finally commenced. US Treasury Secretary Janet Yellen has been outwardly tight-lipped after an eight-hour marathon conversation. These talks will continue on Sunday.
The USA and China have agreed to keep the conversation going to resolve their trade dispute, as reported by a trusted source. Confidential meetings, which kicked off on Saturday in Geneva, will proceed on Sunday, the source confirmed.
Understanding the Economic Battlefield
"China has been battle-hardened for this scenario for years," a trade expert commented. The discussions between Chinese Vice Premier Liu He, US Treasury Secretary Janet Yellen, and US Trade Representative Robert Lighthizer ran up to eight hours in a residence on Lake Geneva. These talks represented the first significant movement since Trump initiated the conflict.
The talks have international attention, as their outcome is perceived as essential for the future of global trade. Trump's declared tariffs resulted in market chaos worldwide.
Trump Drops the Hardline Approach a Bit
The US recently signed its maiden bilateral trade agreement with the UK, but the one with China holds the utmost importance due to the size of the trade volume and its global economic implications. The US and China have imposed tariffs on each other that exceed 100 percent. China has also restricted the export of critical rare earths essential for electric vehicles. However, Trump recently announced exemptions from import tariffs for specific electronic components crucial for American companies.
Quick Hits- Trump Signals Concessions: Trump hinted at accommodating compromises in his restrictive approach, stating that tariffs of 80 percent on Chinese goods were "appropriate." Current tariffs are at 145 percent.[1]- Negotiating Stance: Beijing insists the US must remove its tariffs, while the USA will not lower tariffs unilaterally. [1]
Before the meeting, Yellen stated it would focus on "de-escalation" rather than striking a "big trade deal." Unlike her previous silence, Yellen made no comments as she departed the negotiation site in the evening.
Sources: ntv.de, mau/rts/AFP
- Janet Yellen
- Donald Trump
- Tariffs
- Trade Conflicts
- China
- USA
Additional Insights
- Meeting Duration and Progress: The recent talks between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng stretched over an extended day in Switzerland. Although specific agreements were not confirmed, the discussions are set to resume on Sunday.[1]
- Concessions and Agreements: Details about the exact concessions made by either party were scarce. However, Trump termed the meeting as a "total reset," implying significant progress.[1]
- Economic Context: These talks aim to alleviate the impact of high tariffs on both economies and the global market, as both countries seek sustainable trade policies.[1] These developments represent ongoing efforts to tackle the significant trade challenges between the U.S. and China, with more updates anticipated as negotiations progress.
[1] [Source link]
- Janet Yellen, the US Treasury Secretary, maintained silence after an eight-hour conversation during the initial round of talks between the USA and China aimed at resolving their trade dispute.
- The ongoing talks between the USA and China are significant for global trade, given their large trade volume and the potential impact on the world economy due to imposed tariffs exceeding 100 percent.
- Despite his hardline approach previously, President Trump recently suggested accommodating compromises, referring to the tariffs of 80 percent on Chinese goods as "appropriate."
- The negotiations are set to continue on Sunday, following confidential meetings that started on Saturday in Switzerland between Chinese Vice Premier Liu He, US Treasury Secretary Janet Yellen, and US Trade Representative Robert Lighthizer.
- The US recently entered into its first bilateral trade agreement with the UK, but the one with China holds the utmost importance due to its global economic implications.