Top Economic Officers from the United States and China will meet in Geneva on Sunday for their second day of High-Stakes NegotiationsDiscussions aimed at relieving tensions arising from the trade war of President Trump.
The conversations have major implications for the global economy, which is shocked by the rates that the United States and China have imposed together in recent months. Mr. Trump has imposed a minimum rate of 145 percent on all Chinese imports, while China has affected American products with an import load of 125 percent.
Such punitive taxes disrupt all the supply chains of the world. American companies Klaveren to find products from countries other than China, while Chinese factories Being looking for ways to bypass the American rates and export more Southeast -Asia. At the same time, many American companies weigh how much they can do increase prices To help compensate the tariff costs.
Economists have warned that the trade conflict will delay Global growth And fuel inflation, which may turn the United States into a recession. Mr Trump put those economic fears under pressure to find a deal with China.
After about seven hours of conversations on Saturday, the United States said that it would not release a formal statement on the procedure.
Mr. Trump greeted the first conversations as a success.
“A very good meeting today with China, in Switzerland,” Mr. Trump wrote about Truth Social. “Many discussed things, much agreed. A total reset negotiated in a friendly but constructive way.”
Treasury Secretary Scott Bessent and Jamieson Greer, the American trade representative, lead the conversations for Washington. For Beijing, the negotiations are led by HE Lifeng, the Deputy Prime Minister of China for economic policy.
The rates effectively reduced trade between the world’s two largest economies.
Prior to the meetings, Mr. Trump suggested that he would be open to lower the rates 80 percent of 145 percent. The spokeswoman for the White House, Karoline Leavitt, said that China should make concessions to lower the rates.
The Trump government has accused China of being unfair to subsidizing the most important sectors of its economy and Overflow the world With cheap goods. The United States have also put pressure on China to take more aggressive steps to curb the export of precursors fentanylA medicine that killed tens of thousands of Americans.
China has been steadily By saying that it is not going to make trade concessions in response to Mr Trump’s rates. Officials have insisted that the nation agreed to have interviews at the request of the United States.
The trade discussions this weekend were intended to form the scene for broader economic negotiations between the two countries. Economists have been skeptical that a fast deal is probably.
“We think that the collection meals is to lower expectations for what could come this weekend from conversations between us and Chinese officials,” wrote Nancy Vanden Houten, American economist at Oxford Economics, in a research memorandum on Saturday.
Mrs Vanden Hout explained that even if the United States reduces the rate percentage on Chinese imports, the total effective rate percentage for the input would be three times higher than projections from when Mr. Trump was chosen.
But Mr. Trump seems ready to praise all China concessions as a victory for the United States.
Mr. Trump repeated his call to China to open his markets to American companies and stated: “Great progress made !!!”
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