Representatives from China and the United States held tariff negotiations in Geneva, Switzerland on the 10th. According to reports by Swiss News Agency (SDA) and others, it is still unknown whether any progress was made during the ten-hour talks between the Chinese lead negotiator, Vice Premier of the State Council He Lifeng, and the American lead negotiator, Treasury Secretary Scott Bessent. According to reports by The Associated Press, the negotiations will continue on Sunday. All parties consider this meeting as a step towards restarting dialogue and sending positive signals, despite the slim possibility of major breakthroughs.
China-Switzerland pre-talk before US-China negotiations
No news of "breakthrough" has been heard.
According to Der Spiegel magazine, several black vehicles left Ambassador Jürg Lauber's residence in Colonia, who represents Switzerland at the United Nations in Geneva, on Saturday evening. Diplomats from both sides confirmed that the talks between China and the United States were held there. There is no information about the content of the discussions. Neither side answered the questions from waiting journalists.
The Swiss News Agency learned from a source close to the negotiation that matches the report by The Associated Press, the negotiations are scheduled to continue on Sunday. US Trade Representative Jamieason Greer also attended the meeting.
Report by Swiss News Agency
As part of the trade negotiations held in Geneva between China and the United States, US Treasury Secretary Bessent met with Chinese Vice Premier He Lifeng on Saturday morning. The contacts between China and the United States in Switzerland are considered an important step toward problem-solving; however, domestic media have not yet heard of any "breakthroughs." German media analysis indicates one of the difficulties in the negotiations is that Washington hopes to reduce the trade deficit with China and persuade China to abandon its so-called "mercantilist" economic model and participate more actively in global consumption. This would involve a series of reforms in China. China opposes external interference and demands that Washington lower tariffs, specify the goods they hope China will purchase, and treat China equally on the international stage. 迈向“降级”的第一步 US Treasury Secretary Bessent previously told Fox News that this is not about a trade agreement; it is very likely the first step toward "de-escalation." Both the United States and China are interested in reaching an agreement. The current tariff levels are equivalent to a trade embargo. Since taking office in January this year, US President Donald Trump has continuously increased tariffs on Chinese goods, most recently raising them to 145%. In response, China imposed counter-tariffs of 125%. So far, neither government has contacted the other. But recently, there are increasing signs that the US government, facing negative impacts such as a sharp drop in the domestic stock market, selling off Treasury bonds, and rising prices, is beginning to express willingness to reduce tariffs. Trump posted on his social media platform Truth Social that an 80% tariff on Chinese products might be appropriate. However, this number is clearly still too high. The Chinese side emphasized beforehand that the US had requested talks with Beijing. China has consistently insisted that the US cancel tariffs before trade negotiations. “A positive constructive step toward easing tensions” Swiss Economics Minister Guy Parmelin met separately with delegations from China and the United States in Geneva on Friday. He said that the mere holding of the talks itself was a success. “If both sides can draw up a roadmap and decide to continue the dialogue, it will help ease tensions,” he told reporters, adding that the talks may last until Sunday or even Monday. This meeting was mediated and facilitated by Switzerland during recent visits by both countries. Reuters quoted a spokesperson for the World Trade Organization as saying that the Chinese representative also plans to meet temporarily with WTO Director-General Ngozi Okonjo-Iweala. Earlier, Director-General Okonjo-Iweala had expressed her welcome for the talks, calling them “a positive constructive step toward de-escalation,” and urged the world’s two largest economies to continue their dialogue. Observers have given positive feedback. Experts from Eurasia Group told the BBC that recent signals from both sides indicate that the situation is about to de-escalate. Sun Yun, director of the China Program at the Stimson Center, told The Associated Press that this is the first time that China and the US have held talks. She expressed skepticism about substantive results but believed that if both sides simultaneously announce tariff reductions, even if only slightly, it would send a positive signal. Many European media outlets believe that any form of tax reduction and subsequent negotiations will be seen as a positive signal by investors. One of the best outcomes of these negotiations could be that the US and China may reach a 90-day tariff exemption period similar to those agreed upon with other countries. Afterward, China and the US can continue deeper negotiations. Original article: https://www.toutiao.com/article/7502938522538492466/ Disclaimer: The article reflects the views of the author. Please express your attitude through the 'thumbs up/thumbs down' buttons below.