Haggling Sessions Lasted a Whopping Eight Hours as USA and China Persist in Trade Talks
Ongoing custom trade discussions between the United States and China persist
Get the inside scoop on the high-stakes negotiations between the USA and China! The talking heads from both nations are at it again, this time aiming to resolve their lingering trade disputes. Secretary of the Treasury, Steven Mnuchin, remained tight-lipped after an eight-hour marathon session. Preparations for additional meetings have been scheduled for Sunday.
According to insider reports, the secretive discussions that commenced on the weekend in Geneva are planned to resume on Sunday. A trustworthy source with knowledge of the situation confirms this information.
Economy "China's Been Planning for This for Ages!" Says Expert on Trade Talks The talks, centered on Chinese Vice Premier Liu He, U.S. Treasury Secretary Steven Mnuchin, and U.S. Trade Representative Robert Lighthizer, lasted approximately eight hours, located at the Swiss UN ambassador's residence on Lake Geneva. It was the first gathering since the tensions ignited by U.S. President Donald Trump.
The world eagerly eyes the outcome of these talks, as they may hold the key to the future of international trade. Trump's instated tariffs have sent shockwaves and nosedived financial markets worldwide.
Trump Shows Some Leniency
While the U.S. sealed a first bilateral trade pact with the UK last week, the one with China is seen as the most integral due to the colossal trade volume and its global economic significance. The U.S. and China have imposed tariffs totaling beyond 100 percent on one another. China has also capped the export of rare earths, which are crucial for electric vehicles. However, Trump has announced exemptions from import tariffs for select electronic components that U.S. corporations heavily rely on.
Economy "Cards on the Table, People!" Trump Meets with Chinese and American Ministers On Friday, Trump hinted at compromise in his restrictive approach and asserted that tariffs of 80 percent on Chinese goods were "spot on." Currently, tariffs stand at 25 percent. However, Trump's spokesperson Karoline Leavitt emphasized that China must also make concessions, as Washington will not unilaterally lower tariffs.
China has persistently demanded that the U.S. abolish its tariffs. Chinese economist Xu Bin stated that the Geneva meeting primarily aimed to demonstrate "that both sides are communicating – and that's mighty important." China remains the only country worldwide that has retaliated against Trump's tariffs with counter-tariffs. Prior to the meeting, Mnuchin mentioned that the Geneva talks would focus on "de-escalation" instead of "blockbuster trade deals." He declined to comment after exiting the negotiation site in the evening.
Source: ntv.de, mau/rts/AFP
- Steven Mnuchin
- Donald Trump
- Tariffs
- Trade Disputes
- China
- USA
- Despite the eight-hour long negotiation sessions between the USA and China, preparations for additional meetings have been scheduled, indicating a continued pursuit of resolving their ongoing trade disputes.
- The ongoing trade talks between the USA and China, marked by tariff negotiations and high stakes, have drawn global attention due to their potential impact on the monetary union of EC countries and global business and politics.
