Ongoing Customs Talks Between U.S. and China Persist
Get the latest on the US-China trade negotiations as high-level delegations from both countries meet for the first time since the trade war escalated.
It's All About De-escalation
The world is watching as US Treasury Secretary Steve Mnuchin, US Trade Representative Robert Lighthizer, and Chinese Vice Premier Liu He sit down in Geneva for what's hoped to be a significant breakthrough in global trade. Talks will continue on Sunday, with Mnuchin remaining tight-lipped after an eight-hour meeting.
Trump Signals Willingness to Concede
With the US striking a first bilateral trade deal with the UK last week, the stakes are even higher for the US-China negotiations. The trade relationship between the two nations is critical due to the enormous trade volume and its impact on the world economy. The current tariffs, amounting to over 100%, have sown chaos in financial markets across the globe.
However, President Donald Trump has shown some flexibility, hinting at potential tariff reductions. While tariffs on Chinese imports are currently at 25%, Trump mentioned that tariffs of 80% on certain goods might be "appropriate." But don't get too excited - Trump's spokeswoman Kayleigh McEnany stressed that Washington will not unilaterally lower tariffs; Beijing must also make concessions for a deal to materialize.
China's Cautious Approach
Beijing has long insisted that the US must first remove its tariffs before any negotiations can progress. Chinese economist Xu Bin views the Geneva meeting as an opportunity to demonstrate that both sides are engaged in discussions, which is significant in itself. China is the only country worldwide that has imposed counter-tariffs against the US. Before the meeting, Mnuchin emphasized that the discussions would be about "de-escalation," not a "big trade deal."
Stay tuned for updates as these historic talks continue to unfold. Follow us on Facebook, Twitter, WhatsApp, or email for the latest news on this developing story.
- The economic and monetary union of EC countries might be influenced by the current US-China trade negotiations, as the outcome could impact global trade and finance.
- During the discussions in Geneva, US Treasury Secretary Steve Mnuchin, US Trade Representative Robert Lighthizer, and Chinese Vice Premier Liu He, among others, may focus on de-escalating the trade war and finding a path towards monetary union.
- In the wake of US striking a bilateral trade deal with the UK, the US-China negotiations are of extreme importance due to the significant trade volume between the two nations and the potential impact on the world economy.
- Despite the existing 25% tariffs on Chinese imports, President Donald Trump has shown a willingness to concede, mentioning that tariffs of 80% on certain goods might be "appropriate." If China also makes concessions, a potential deal could materialize for reducing these tariffs.
- China has maintained a cautious approach, insisting that the US should first remove tariffs before negotiations can progress. Chinese economist Xu Bin sees the Geneva meeting as an opportunity for both sides to show they are engaged in discussions and working towards monetary union.
