US-China Trade Talks Yield 'Substantial Progress' Amidst Tariff Disputes

GENEVA — The United States and China have reported significant advancements following two days of trade negotiations in Geneva, aimed at de-escalating tensions from recent tariff increases. Both nations described the discussions as "productive" and "constructive," with plans to establish a joint mechanism for ongoing trade communication. A detailed communique outlining the agreements is expected to be released soon.

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer spoke to the media after the talks, expressing optimism about the progress made. China’s Vice Premier He Lifeng echoed these sentiments, describing the meetings as "candid, in-depth and constructive." Both sides agreed to set up a joint mechanism focused on "regular and irregular communications related to trade and commercial issues."

The discussions marked the first time senior officials from the world's two largest economies have met face-to-face over trade since the United States imposed steep new levies on China, totaling 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent. In retaliation, China imposed 125 percent tariffs on US goods.

World Trade Organization chief Ngozi Okonjo-Iweala welcomed the talks, stating that the progress is important not only for the US and China but also for the rest of the world, including the most vulnerable economies.

While the talks have been encouraging, experts caution that the details of any agreements will be crucial in determining the long-term impact on global trade relations.

Photo: [Valentin Flauraud/AFP]

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