U.S. Treasury Secretary Reports Progress in U.S., China Talks
(MENAFN) Following two days of intensive, top-level discussions in Geneva, both the United States and China announced "substantial progress," according to the US Treasury secretary.
This statement offers a hopeful signal that tensions in the ongoing trade conflict between the two economic powerhouses may be easing.
The dialogue commenced on Saturday in the Swiss city amid escalating friction between the globe’s two leading economies.
In recent weeks, United States Leader Donald Trump escalated the situation by increasing levies on Chinese goods to 145 percent, a move that provoked a retaliatory response from China, which imposed 125 percent tariffs on American products.
Leading the negotiations were US Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng, acting as the primary representatives for their respective governments.
During a joint press briefing with US Trade Representative Jamieson Greer, Bessent shared that the meetings had been "productive" and yielded meaningful headway.
"I'm happy to report that we made substantial progress between the United States and China in these very important trade talks," Bessent remarked, also acknowledging Switzerland for its hospitality.
He credited the location and atmosphere for contributing to the efficiency of the discussions.
Bessent further noted that both he and Greer had already updated President Trump on the outcomes and that more information would be disclosed publicly the following Monday.
Greer also highlighted the surprising speed with which consensus was reached, suggesting that the obstacles may not have been as significant as previously assumed.
"That reflects that perhaps the differences were not so large as maybe thought," he said.
He additionally emphasized the context of the negotiations, reminding the media of the vast USD1.2 trillion US trade shortfall.
"The United States has a massive $1.2 trillion trade deficit, so the president declared a national emergency and imposed tariffs. We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that."
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