President Trump announces a ‘total reset’ in U.S.-China trade talks, claiming progress after high-stakes negotiations in Switzerland; specifics remain unclear as tariffs still impose significant strains on both economies.
President Donald Trump recently asserted that a “total reset” has been achieved in the ongoing trade talks with China, following a series of contentious tariff clashes that have marked the trade relationship with the world’s second-largest economy. These claims come amid high-stakes negotiations taking place after weeks of tension, where tariffs reached aggressive levels, affecting both markets significantly.
“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,” Trump posted on Truth Social on Saturday evening. He emphasized the mutual benefits of fostering American business in China, announcing, “GREAT PROGRESS MADE!!!” However, the specifics of the agreements reached remain unclear, as neither country has provided a detailed handout on the negotiations.
China’s state-run news agency Xinhua labeled the discussions as an “important step toward resolving the dispute,” indicating some optimism from their side. U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer were sent to Geneva to meet with Chinese officials, aiming to finalize a deal after a meeting that reportedly lasted at least eight hours.
Despite the lengthy discussions, no concrete agreement was announced, though talks were set to continue on Sunday. The context of these talks is notably intense, as Trump had previously imposed tariffs up to 145 percent on Chinese imports, while China retaliated with their own tariffs of 125 percent on U.S. goods. This situation has led to major impacts on both economies, with China being a vital supplier of various products to the U.S. and, in turn, the U.S. being a key exporter of agricultural goods.
Interestingly, Trump has signaled a willingness to reduce these tariffs in hopes of de-escalating tensions. Just the day before, he suggested potentially lowering the tariffs even to 80 percent. Commerce Secretary Howard Lutnick even speculated during a Fox News interview that Trump could settle around a 34 percent tariff rate, which he mentioned earlier this month.
In summary, Trump’s declaration of a ‘total reset’ in U.S.-China trade talks raises questions about the future of tariffs that have greatly affected both nations. Although the meeting in Switzerland appeared constructive, no formal deal was struck, leaving the outcome uncertain. Reductions in tariffs may be on the table, indicating a potential shift in the trade war’s trajectory; however, stakeholders will be eagerly awaiting concrete agreements in the subsequent discussions.
Original Source: ca.news.yahoo.com
