“Big Progress” in commercial talks between the United States and China says
US Treasury Secretary Scott Payette says that the United States and China have made “great progress” in canceling the escalation of the trade war with high -level talks wrapped in Geneva, Switzerland.
Pesin and Vice President of China, who was in life, participated in closed confidential discussions throughout the weekend, at the first meeting since US President Donald Trump imposed a highly declining tariff in January.
The Treasury Secretary did not explain what was agreed upon, but he said that the details will be announced on Monday and that Trump had been updated.
On Saturday, Trump praised the talks related to the generation of “total reassurance” on the relationship between the two countries.
In a post on social media, the American president described the talks as “very good” and said that the change “was negotiated in a friendly but constructive way.”
“We want to see, for the benefit of China and the United States, a hole for China on American business. Significance !!!” Trump added.
The escalating trade war between Washington and Beijing witnessed that the US President struck the Chinese imports of the United States with 145 % definitions. China has averaged with 125 % fees for some American goods.
On Friday, White House press secretary Caroline Levitte said Washington will not reduce the definitions unilaterally, and China will need to make its own concessions.
The two sides issued many other warnings before the meeting, as Beijing said that the United States should reduce the customs tariff, while Bessent stressed that the focus on “canceling the escalation” was not a “major commercial deal.”
Chinese government media reported that Beijing has decided to communicate with the United States after fully looking at global expectations, the interests of the country and the calls of American companies.
Last month, BBC found that the Chinese exporters were struggling with the tariff of the United States One company, Sorbo Technology, stated that half of its products were usually sold to the United States and are now sitting in boxes in a warehouse in China.
Meanwhile, it was found that the American economy had decreased in the first three months of the year – as it contracts at an annual rate of 0.3 % – as companies raced to enter the goods into the country.
The trade war between China and the United States last month after President Trump announced a global primary tariff for all imports to the United States, about what he called “Liberation Day”.
About 60 commercial partners, whom the White House described as “the worst criminals”, has been at higher rates than others. The list included China and the European Union.
Trump said this was a recovery for years of unfair trade policies of the United States.
He has also announced a 25 % import tax on all steel and aluminum next to the United States, and another 25 % tariff on all cars and auto parts.
He announced last week that The United States and the United Kingdom agreed on an agreementAs 25 % to 10 % will be reduced compared to 100,000 cars in the UK as a maximum – the number of cars exported to the United Kingdom last year.
Cars are the largest export in the United Kingdom to the United States, at a value of about 9 billion pounds, last year.
