Heated Eight-Hour Talks as USA and China Strive for a Trade Deal
Ongoing customs talks between the United States and China persist
Get the latest scoop on the ongoing trade talks between the USA and China, spanning eight tense hours in a closed-door conference. The talks, between US Treasury Secretary Bessent and Chinese Vice Premier He Lifeng, are being heralded as a significant turning point in the ongoing trade war.
The Long Haul
The high-level delegations from both superpowers engaged in a marathon session, spanning several hours, with details remaining scarce from Bessent's tight-lipped stance following the discussions. The discussions, scheduled to continue on Sunday, have sparked global interest, as the outcome is perceived as key to the future of global trade.
Experts' Take
"China has been preparing for this scenario for years," remarks a trade expert. The closed-door conference at the Swiss UN ambassador's Geneva residence marks the first significant dialogue since the trade tensions began under the Trump administration.
The World Economic Impact
Trump's announced tariffs have wreaked havoc on international markets, leading to sharp declines worldwide. The stakes are particularly high for the bilateral US-China trade, considering it involves the highest volume of trade and holds significant weight for the world economy. With tariffs surpassing 100% and China's restriction on rare earth exports critical to electric mobility, the need for a resolution is dire.
Flexibility Shown
Trump signaled a willingness to negotiate, stating that a 80% tariff on Chinese goods might be acceptable, although current tariffs stand at 145%. Trump's spokesperson emphasized that both parties must make reciprocal concessions for any trade agreements to move forward.
Negotiation Grounds
China has insisted on the removal of US tariffs as a prerequisite for any discussions. Chinese economist Xu Bin considers the Geneva meeting as a step forward, as it signifies dialogue. China is the only country worldwide to have imposed counter-tariffs in response to Trump's tariff hike. Prior to the meeting, Bessent indicated that the Geneva talks would focus on de-escalating the trade dispute.
Sources: ntv.de, mau/rts/AFP
Key People
- Scott Bessent
- Donald Trump
Key Concepts
- Tariffs
- Trade disputes
- China
- USA
- Despite Trump's announced tariffs wreaking havoc on international markets, the ongoing trade talks between the USA and China are seen as a significant turning point in the trade war, with the stakes particularly high for the bilateral US-China trade.
- Trump signaled a willingness to negotiate, suggesting an 80% tariff on Chinese goods might be acceptable, though current tariffs stand at 145%.
- China has insisted on the removal of US tariffs as a prerequisite for any discussions, considering it the only country worldwide to have imposed counter-tariffs in response to Trump's tariff hike.
- The high-level delegations from both superpowers engaged in a marathon session with details remaining scarce from Bessent's tight-lipped stance following the discussions.
- Experts, such as a trade expert and Chinese economist Xu Bin, view the Geneva meeting as a step forward, signaling dialogue between the two nations.
