U.S. and Chinese officials reported "substantial progress" in tariff negotiations held in Geneva, though specific details remain scarce. A joint statement is expected to be released on Monday.
U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer concluded two days of high-level talks with Chinese Vice Premier He Lifeng in Geneva, marking a potential turning point in the ongoing trade dispute. While both sides described the discussions as "productive," they provided few specifics on the outcomes.
The trade war escalated after President Trump imposed tariffs up to 145% on Chinese imports, prompting China to retaliate with a 125% levy on U.S. goods. The bilateral trade deficit with China reached a record $263 billion, intensifying the urgency for a resolution.
President Trump expressed optimism, suggesting the negotiations could lead to a "total reset" of tariffs. U.S. officials indicated that the reset talks could stabilize global markets and restore bilateral trade.
A joint U.S.-China statement is anticipated, with follow-up meetings planned, including discussions with Chinese shipping executives visiting Washington. The White House aims to leverage U.S. economic power to open China's market for American exporters.
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