US, China Talks Make "Substantial Progress" toward Defusing Trade War
Taarek Refaat
US Treasury Secretary Scott Besant said on Sunday that talks in Geneva between the US and Chinese Vice Premier He Lifeng had made "substantial progress" toward defusing the trade war between the world's two largest economies.
Besant added that he would provide more details on Monday, while US Trade Representative Jameson Greer, who also attended the talks, said that the differences between the two sides were not as significant as previously thought.
"I am pleased to report that we have made substantive progress between the United States and China in these very important trade talks," Besant told reporters.
He added that he had informed President Donald Trump of the progress made in the talks and that a full briefing on the details would be issued on Monday.
The talks continued for a second day on Sunday, as the two sides discussed how to de-escalate the trade war, which threatens to significantly damage the global economy.
US Trade Representative Jameson Greer said, "The talks were very constructive. It is important to recognize how quickly we reached an agreement, which reflects that the differences may not have been as significant as we had thought."
He added, "However, we have made great efforts over these two days. Just remember the reason we are here in the first place: the United States has a massive trade deficit of $1.2 trillion. That is why the President declared a national emergency and imposed tariffs. We are confident that the agreement we have reached with our Chinese partners will help us work toward resolving this national emergency."
On his part, the Vice Chairman of the Chinese International Council confirmed that the trade talks with the United States were constructive and had made progress.
He said, "China's position on the trade war is clear and consistent." He noted that an agreement was reached to establish a consultation mechanism on trade and economic issues. He stressed that "we will work to enhance certainty and stability in the global economy."
In an effort to defuse the trade war that threatens to severely damage the global economy, senior officials from the United States and China met again in Geneva on Sunday to resume talks that began on Saturday.
Senior U.S. and Chinese officials concluded the first day of talks in Geneva aimed at defusing a trade war that threatens to deal a severe blow to the global economy.
Chinese Vice Premier He Lifeng held a nearly eight-hour meeting with US Treasury Secretary Scott Besant and US Trade Representative Jameson Greer, the first face-to-face meeting between the two sides since the world's two largest economies imposed tariffs exceeding 100% on each other's imports, according to Reuters.
Besant and Greer met with He in Geneva after weeks of escalating tensions following President Trump's February tariffs, which Beijing responded with retaliatory measures, bringing annual bilateral trade of nearly $600 billion to a near standstill.
This trade standoff, along with Trump's decision last month to impose tariffs on dozens of other countries, has disrupted supply chains, rattled financial markets, and increased fears of a severe global economic recession.
Beijing, for its part, rejects what it sees as foreign interference and demands that Washington lower tariffs, clarify which goods it wants China to purchase in greater quantities, and be treated as an equal on the international stage.
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