On May 11, the White House announced a tentative “China trade deal” following two days of negotiations in Geneva between U.S. officials and their Chinese counterparts. Although specific details of the agreement were not disclosed, it marks a significant development in President Donald Trump’s ongoing trade war with China, where his administration had previously imposed 145% tariffs that severely impacted $600 billion in trade annually between the two nations.
U.S. Trade Representative Jamieson Greer suggested that the swift resolution of the negotiations indicated that the differences between the U.S. and China may have been less significant than previously believed. Secretary of the Treasury Scott Bessent, who led the discussions, highlighted the substantial progress made during the meetings, emphasizing their productive nature.
Additionally, President Trump proposed reducing the tariffs on China to 80% ahead of the negotiations, signaling a potential shift in U.S. trade policy. This would be a decrease from the existing tariffs but the final decision on tariff levels was yet to be confirmed.
The Geneva talks marked the first direct engagement between top U.S. and Chinese leaders since the imposition of the tariffs, with China previously responding with its own 125% tariffs on American exports. The overall sentiment from U.S. officials reflects optimism about the discussions and future trade relations with China. Further details regarding the agreement are expected to be released following the meetings.
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