Trump hails US-China tariff talks a 'total reset'
Senior US and Chinese officials met in Geneva on Saturday, May 10, in a bid to de-escalate a trade war sparked by President Donald Trump's sweeping tariff rollout and fueled by Beijing's strong retaliation. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer conferred with Chinese Vice Premier He Lifeng in the first such talks between the world's two largest economies since Trump slapped steep new levies on China last month. Trump praised the "very good" discussions and deemed them "a total reset negotiated in a friendly, but constructive, manner." He said in a Truth Social post Saturday evening in Washington, We want to see, for the good of both China and the US, an opening up of China to American business." He added: "GREAT PROGRESS MADE!!!" The discussions are expected to continue Sunday in Geneva.
Shortly after 9:30 am on Saturday morning, Bessent, Greer and around a dozen more US delegates marched through the lobby of Geneva's luxury Intercontinental hotel, ignoring journalists' requests for comment before ducking into waiting cars and speeding off. The Chinese delegation left from another five-star hotel, the President Wilson on the shores of Lake Geneva, with large police contingents escorting the two convoys through the city, blocking all other traffic on their routes. The talks were then held in the sumptuous 18 th -century "Villa Saladin" overlooking Lake Geneva. The former estate was bequeathed to the Swiss state in 1973, according to the Geneva government.
Tariffs imposed on the Asian manufacturing giant since the start of the year currently total 145%, with cumulative US duties on some Chinese goods reaching a staggering 245%. In retaliation, China slapped 125% levies on US goods, cementing what appears to be a near trade embargo between the world's two largest economies.
Trump signaled on Friday that he could lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an "80% Tariff on China seems right!" "The president would like to work it out with China.... He would like to de-escalate the situation," US Commerce Secretary Howard Lutnick told Fox News on Friday. Trump's press secretary, Karoline Leavitt, clarified that the US would not lower tariffs unilaterally, adding that China would need to make concessions as well. In any case, a move to that level would be a symbolic gesture, since the tariffs would remain prohibitively steep.
Beijing has insisted that the United States must lift tariffs first and vowed to defend its interests. Bessent has said the meetings in Switzerland would focus on "de-escalation" and not a "big trade deal." The head of the Geneva-based World Trade Organization, Ngozi Okonjo-Iweala, said on Friday she welcomed the talks, calling them a "positive and constructive step toward de-escalation." A commentary published by China's state news agency Xinhua also noted that "The contact in Switzerland is an important step in promoting the resolution of the issue."
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