United States and China carry on with customs talks
Headline: Trade talks restart between USA and China after crucial eight-hour meeting
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In a significant move, high-level delegations from the USA and China have commenced discussions aimed at resolving the ongoing trade conflict. After nearly three years of trade war, US Treasury Secretary Steven Mnuchin and others remained tight-lipped following the grueling eight-hour conversations. Talks are scheduled to resume on Sunday.
The dialogue, which began on Saturday in Geneva, follows President Donald Trump's imposition of tariffs that sparked a trade battle between the world's largest economies.
Economy Trade Experts Suggest China's Strategic MovesAccording to recent studies, Chinese Vice Premier Liu He met with US Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer, and other senior officials from both nations at the residence of the Swiss UN ambassador. This confrontation on Lake Geneva marked the first dialogue since the trade war erupted.
The world waits with bated breath, as the outcome of these discussions is regarded as decisive for the future of global commerce. Trump's announced tariffs have instigated chaos and pronounced drops in financial markets worldwide.
Politics Subtle Concessions from TrumpAlthough the US has secured a first bilateral trade agreement with the UK, the deal with China remains crucial due to the substantial trade volume and its critical role in the global economy. The US and China have imposed tariffs of over 100 percent and restricted rare earth exports essential for electric vehicles. However, Trump declared exemptions from import tariffs for specific electronic components that US companies depend upon.
Economy Trump Shows Flexibility on TariffsOn Friday, Trump hinted at possible concessions in his restrictive stand, stating that tariffs of 80 percent on Chinese goods were "appropriate." Presently, tariffs stand at 145 percent. Yet, Trump's spokesperson stressed that Beijing must also make compromises, as Washington will not unilaterally reduce tariffs.
China has consistently insisted that the US must first withdraw its tariffs. Chinese economist Xu Bin asserts that the Geneva meeting primarily sought to convey that both sides are negotiating, which carries immense importance in itself. China is the only country worldwide to have retaliated against Trump's tariffs with counter-tariffs on US imports. Before the meeting, Mnuchin stated that the Geneva talks would focus on "de-escalation" instead of striving for a "grand trade deal." He did not comment as he left the negotiation site in the evening.
References: ntv.de, mau/rts/AFP
- Steven Mnuchin
- Donald Trump
- Tariffs
- Trade disputes
- China
- USA
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