Ahead of crucial trade talks, President Donald Trump proposed reducing tariffs on Chinese imports from a striking 145% to 80%. This announcement comes following an eight-hour meeting in Geneva between U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and their Chinese counterparts. Trump described the initial day of negotiations as a “total reset,” claiming that significant progress was made and that both sides agreed on many critical issues.
The meeting marked the first face-to-face discussions between U.S. and Chinese leaders since the tariffs ignited a trade war, with China retaliating with 125% tariffs on U.S. exports. Trump, who did not attend the talks but was reported to have been golfing, expressed optimism about the discussions on his social media platform. Despite the proposed reduction to 80%, this tariff level would still be considerably higher than those imposed on other countries and could potentially result in increased prices for American consumers.
Chinese Vice Premier He Lifeng criticized the tariffs as “illegal and unreasonable,” emphasizing China’s commitment to fairness in international trade. He cautioned that if the U.S. persisted in coercive tactics, it would hinder any potential agreement.
As discussions are set to continue, the context highlights a significant trade imbalance, with China exporting nearly $300 billion more to the U.S. than it imports. Trump aims to address these disparities, defending tariffs as essential for revitalizing American manufacturing.
In conjunction with these developments, Trump also announced a trade agreement with the United Kingdom, representing his administration’s first significant trade deal while negotiations with over 170 countries are ongoing. However, the impact of the U.K. deal on future agreements remains uncertain.
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