US-China Tariff Talks to Continue Sunday
Sensitive talks between U.S. and Chinese delegations over tariffs that threaten to upend the global economy ended after a day of prolonged negotiations and will resume Sunday, an official told The Associated Press. There was no immediate indication whether progress was made Saturday during the meeting over 10 hours between Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer and a delegation led by Chinese Vice Premier He Lifeng. The official who spoke to the AP requested anonymity because of the sensitivity of the talks, which could help stabilize world markets roiled by the U.S.-China standoff. The talks have been shrouded in secrecy, and neither side made comments to reporters on the way out. Several convoys of black vehicles left the residence of the Swiss ambassador to the U.N. in Geneva, which hosted the talks aimed at de-escalating trade tensions between the world’s two biggest economies. Diplomats from both sides also confirmed that the talks took place. Saturday’s talks were held in the sumptuous 18th-century “Villa Saladin” overlooking Lake Geneva. The former estate was bequeathed to the Swiss state in 1973, according to the Geneva government. Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive taxes — tariffs — they have slapped on each other’s goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on U.S.-China trade. U.S. President Donald Trump last month raised U.S. tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped $660 billion. Even before the talks began, Trump suggested Friday that the U.S. could lower its tariffs on China, saying in a Truth Social post 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 said, adding even a small reduction would send a positive signal. “It cannot just be words.” Since returning to the White House in January, Trump has aggressively used tariffs as his favorite economic weapon. He has, for example, imposed a 10% tax on imports from almost every country in the world. But the fight with China has been the most intense. His tariffs on China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States. The remaining 125% involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%. During Trump’s first term, the U.S. alleged that China uses unfair tactics to give itself an edge in advanced technologies such as quantum computing and driverless cars. These include forcing U.S. and other foreign companies to hand over trade secrets in exchange for access to the Chinese market; using government money to subsidize domestic tech […]
