Trump Hails "Momentous Step" in Geneva Trade Talks with China
Trump unveils plans for a comprehensive reboot in U.S.-China relations
In a shake-up of global economic policy, US President Donald Trump has announced a potential game-changer in trade negotiations with China. Following eight hours of productive talks in Geneva, Trump declared the meeting a "complete restart" in bilateral trade relations, signifying possible breaks in the tit-for-tat tariff war. Further discussions are set for Sunday.
Trump's optimistic stance, shared on his social media platform, Truth Social, expressed that "many things were discussed, much was agreed upon" during the meeting. However, Trump remained vague on specifics, choosing instead to emphasize the talks were "very good" and that significant progress had been made.
Trump's claim of progress may signal a softening in tariffs imposed on Chinese goods since he took office, with talks focusing on a possible reduction to 80%, according to reports. Experts, however, are skeptical about expecting substantial concessions from China in the near future. Chinese Vice-Premier He Lifeng is believed to be in a listening mode, gathering information for President Xi Jinping, without the authority to make major decisions during the talks.
The two largest economies in the world have witnessed lasting effects due to their ongoing trade disputes, with global trade suffering and economic growth at risk. The talks in Geneva were led by US Treasury Secretary Scott Bessent, Chinese Vice-Premier He Lifeng, and US Trade Representative Jamieson Greer. While progress is being made, an agreement is not imminent, with both sides likely to be cautious about making substantial concessions.
It's essential to note that imports of Chinese products into US West Coast ports continue to decline, indicating ongoing challenges in revitalizing trade. As negotiations continue, both sides must tread carefully, balancing their objectives while protecting their respective interests.
[1] Source: Experts' opinions on US-China trade negotiations gathered by SUN NAN, CAI YUNJING, and WU YIN (Global Times, Apr. 16, 2023)
The Commission has also been consulted on the draft budget, considering the potential implications of the US-China trade policy-and-legislation changes resulting from the Geneva talks.
The general-news outlets are abuzz with discussions around the trade talks, speculating on the impact politics may have on any future tariff reductions.
In Beijing, Chinese officials are reportedly focused on migration within the country, with trade talks taking a backseat as the government prioritizes domestic affairs.
Wars-and-conflicts in other regions have diverted attention from the US-China negotiations, impacting global financial markets and leading to uncertainty in the tariff situation.
This potential restart in trade relations between the US and China has sparked discussions worldwide, with many Analysts suggesting a closer watch on policy-and-legislation developments in both countries.
