Geneva: The United States and China said progress on Sunday after a weekend of talks aimed at defusing trade tensions launched by the aggressive deployment of President Donald Trump.
The increasingly ugly trade spit between Washington and Beijing has shook the financial markets and raises a worldwide economic slowdown and inflationary point in the United States.
“We have made substantial progress between the United States and China during very important commercial negotiations,” said Scott Bessent, secretary of the US Treasury, to journalists in Geneva after the second day of discussions.
“The talks have been productive,” he said, asking any questions but promising a “full briefing” on the result on Monday.
In a statement on Sunday, which provided no additional details, the White House praised what it called a new “trade agreement” with China.
Chinese Deputy Prime Minister, He Lifeng, told journalists that meetings had made “substantial progress”, echoing the remarks of Bessent, and describes the atmosphere as “frank, in depth and constructive”.
“This is an important first step,” he said, adding that it was planned to publish a joint statement on Monday.
The two parties have agreed to set up a joint mechanism focused on “regular and irregular communications linked to commercial and commercial problems,” said Li Chenggang, representative of Chinese international trade during the same briefing.
When asked if the press release would arrive before the opening of the financial markets, Li replied: “If the dishes are delicious, timing is not a question.”
“Whenever the liberation is going to be great, good news,” he said.
The meetings have marked the first time that senior officials of the two largest economies in the world have gathered face to face since trade since Trump slapped new samples from China totaling 145%, American cumulative tasks on certain Chinese products reaching 245%of 245%.
In retaliation, China has placed 125% of prices on American products.
“These discussions mark a significant step forward and, we hope, good for the future,” said the head of the World Organization for Trade Ngozi Okonjo-Iweala in a statement shortly after his own meeting with He Lifeng.
“In the midst of current global tensions, these progress is significant not only for the United States and China, but also for the rest of the world, including the most vulnerable economies,” she added.
Devil in details
“It is really encouraging,” said the vice-president of the Asia Society Policy Institute (ASPI), Wendy Cutler, to AFP after the conclusion of talks.
“The two parties spent more than 15 hours in the discussions,” she said. “It’s long for two countries to meet, and I consider it positive.”
Before the meetings of the discreet villa residence of the Swiss Ambassador to the United Nations in Geneva, Trump reported that he could reduce prices, suggesting on social networks that an “80% rate on China seems fair!”
However, the White House press secretary Karoline Leavitt later said that the United States would not abuse unilaterally prices. China should also make concessions, she said.
The fact that talks even occur “are good news for business and financial markets,” said Gary Hufbauer, a non -resident principal researcher at the Peterson Institute for International Economics, in an interview while the talks were underway.
But Hufbauer warned that he was “very skeptical about returning to something like the normal trade relations of American China”. Even a price rate of 70 to 80% could still potentially make bilateral trade in half, he said.
“The devil will be in detail,” said Cutler d’Aspi. “Without the details, it is difficult to assess whether the meeting has succeeded or not.”
‘Great progress !!’
The Chinese Deputy Prime Minister participated in the discussions supported by the news on Friday according to which Chinese exports increased last month despite the trade war.
Unexpected development has been awarded by experts to a listening to trade to Southeast Asia to alleviate American prices.
The Geneva meeting comes after Trump unveiled a trade agreement with Great Britain, the first with any country since he triggered his world prices blitz.
The five -page and non -binding agreement confirmed to nervous investors that Washington was willing to negotiate relief from the recent functions sector. But Trump maintained a 10% reference direct debit on most British products.
In a social article of truth on Saturday, Trump said that the talks had made “great progress !!”
“We want to see, for China and the United States, an opening from China to American affairs,” he added.
