U.S.-China Tariff Talks To Continue Sunday, An Official Tells AP, As Trump Touts ‘Great Progress Made’ | EUROtoday

GENEVA (AP) — President Donald Trump mentioned “great progress” was being made in ongoing U.S.-China talks over tariffs menacing the worldwide economic system, and even steered a “total reset” was on the desk as tariff negotiations are set to proceed Sunday in Switzerland.

No main breakthrough was introduced in discussions that lasted over 10 hours between U.S. officers, together with Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and a delegation led by Chinese Vice Premier He Lifeng. Still, Trump struck an upbeat tone.

“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,” the president wrote on his Truth Social platform. “We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!”

He gave no additional particulars, and officers on the White House additionally provided little info throughout and after the opening day of discussions.

Trump’s submit adopted an official telling The Associated Press that talks would proceed Sunday. The official requested anonymity due to the sensitivity of the discussions, which may assist stabilize world markets roiled by the U.S.-China standoff. They’ve been shrouded in secrecy, and neither aspect made feedback to reporters as they left.

In an editorial late Saturday, China’s official Xinhua News Agency mentioned the talks had come about “at the request of the U.S. side” — noting an earlier level of rivalry — and mentioned China agreed to them “after taking full account of global expectations, national interests and appeals from U.S. businesses and consumers.”

“Whether the road ahead involves negotiation or confrontation, one thing is clear: China’s determination to safeguard its development interests is unshakable, and its stance on maintaining the global economic and trade order remains unwavering,” Xinhua mentioned.

“Talks should never be a pretext for continued coercion or extortion, and China will firmly reject any proposal that compromises core principles or undermines the broader cause of global equity,” it added.

Several convoys of black autos left the residence of the Swiss ambassador to the U.N. in Geneva, which hosted the talks geared toward de-escalating commerce tensions between the world’s two greatest economies. Diplomats from each side additionally confirmed that the talks passed off.

The opening day of negotiations had been held within the luxurious 18th-century “Villa Saladin” overlooking Lake Geneva. The former property was bequeathed to the Swiss state in 1973, in keeping with the Geneva authorities.

Trump’s evaluation apart, prospects for a serious breakthrough appeared dim when the talks opened. Still, there may be hope that the 2 nations will cut back the huge taxes — tariffs — they’ve slapped on one another’s items, a transfer that might relieve world monetary markets and corporations on each side of the Pacific Ocean that depend upon U.S.-China commerce.

Trump final month raised U.S. tariffs on China to a mixed 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that prime primarily quantity to the nations’ boycotting one another’s merchandise, disrupting commerce that final yr topped $660 billion.

And even earlier than talks acquired underway, Trump steered Friday that the U.S. may decrease its tariffs on China, saying in a Truth Social submit that “ 80% Tariff seems right! Up to Scott.″

Sun Yun, director of the China program at the Stimson Center, noted it will be the first time He and Bessent have talked. She doubts the Geneva meeting will produce any substantive results.

“The best scenario is for the two sides to agree to de-escalate on the … tariffs at the same time,” she mentioned, including even a small discount would ship a optimistic sign. “It cannot just be words.”

Since returning to the White House in January, Trump has aggressively used tariffs as his favourite financial weapon. He has, for instance, imposed a ten% tax on imports from virtually each nation on the earth.

But the combat with China has been probably the most intense. His tariffs on China embrace a 20% cost meant to strain Beijing into doing extra to cease the movement of the artificial opioid fentanyl into the United States.

The remaining 125% contain a dispute that dates again to Trump’s first time period and comes atop tariffs he levied on China again then, which implies the entire tariffs on some Chinese items can exceed 145%.

During Trump’s first time period, the U.S. alleged that China makes use of unfair ways to provide itself an edge in superior applied sciences corresponding to quantum computing and driverless vehicles. These embrace forcing U.S. and different overseas corporations handy over commerce secrets and techniques in trade for entry to the Chinese market; utilizing authorities cash to subsidize home tech corporations; and outright theft of delicate applied sciences.

Those points had been by no means absolutely resolved. After almost two years of negotiation, the United States and China reached a so-called Phase One settlement in January 2020. The U.S. agreed then to not go forward with even greater tariffs on China, and Beijing agreed to purchase extra American merchandise. The robust points — corresponding to China’s subsidies — had been left for future negotiations.

But China didn’t come by means of with the promised purchases, partly as a result of COVID-19 disrupted world commerce simply after the Phase One truce was introduced.

The combat over China’s tech coverage now resumes.

Trump can also be agitated by America’s large commerce deficit with China, which got here to $263 billion final yr.

In Switzerland Friday, Bessent and Greer additionally met with Swiss President Karin Keller-Sutter.

Trump final month suspended plans to slap hefty 31% tariffs on Swiss items ― greater than the 20% levies he plastered on exports from European Union. For now, he has decreased these taxes to 10% however may elevate them once more.

The authorities in Bern is taking a cautious method. But it has warned of the influence on essential Swiss industries like watches, espresso capsules, cheese and chocolate.

“An increase in trade tensions is not in Switzerland’s interests. Countermeasures against U.S. tariff increases would entail costs for the Swiss economy, in particular by making imports from the USA more expensive,” the federal government mentioned final week, including that the manager department “is therefore not planning to impose any countermeasures at the present time.”

The authorities mentioned Swiss exports to the United States on Saturday had been topic to an extra 10% tariff, and one other 21% starting Wednesday.

The United States is Switzerland’s second-biggest buying and selling associate after the EU – the 27-member-country bloc that almost surrounds the rich Alpine nation of greater than 9 million. U.S.-Swiss commerce in items and providers has quadrupled over the past twenty years, the federal government mentioned.

The Swiss authorities mentioned Switzerland abolished all industrial tariffs on Jan. 1 final yr, which means that 99% of all items from the United States might be imported into Switzerland duty-free.

Wiseman and Tang reported from Washington. Associated Press author Will Weissert in Washington contributed to this report.