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The United States and China on Sunday said progress had been made after a weekend of talks aimed at de-escalating trade tensions sparked by President Donald Trump’s aggressive tariff rollout.The increasingly ugly trade spat between Washington and Beijing has rocked financial markets and raised fears of a global economic slowdown, and an inflationary spike in the United States.”We’ve made substantial progress between the United States and China in the very important trade talks,” US Treasury Secretary Scott Bessent told reporters in Geneva after the second day of discussions.”The talks were productive,” he said, taking no questions but promising a “complete briefing” Monday on the outcome.In a statement Sunday, which did not provide any additional details, the White House hailed what it called a new “trade deal” with China.China’s Vice Premier He Lifeng told reporters the meetings had achieved “substantial progress,” echoing Bessent’s remarks, and described the atmosphere as “candid, in-depth and constructive.” “This is an important first step,” He said, adding there were plans for a joint communique to be published Monday.The two sides have agreed to set up a joint mechanism focused on “regular and irregular communications related to trade and commercial issues,” China’s international trade representative Li Chenggang said at the same briefing. Asked if the communique would arrive before financial markets opened, Li replied: “If the dishes are delicious, timing is not a matter.” “Whenever released, it is going to be big, good news,” he said. The meetings marked the first time senior officials from the world’s two largest economies have met face-to-face over trade since Trump slapped steep new levies on China totalling 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China put 125 percent tariffs on US goods.”These discussions mark a significant step forward and, we hope, bode well for the future,” World Trade Organization chief Ngozi Okonjo-Iweala said in a statement shortly after her own meeting with He Lifeng.”Amid current global tensions, this progress is important not only for the US and China but also for the rest of the world, including the most vulnerable economies,” she added. – Devil in the details -“It’s definitely encouraging,” Asia Society Policy Institute (ASPI) vice president Wendy Cutler told AFP after the talks had concluded.”The two sides spent over 15 hours in discussions,” she said. “That’s a long time for two countries to be meeting, and I view that as positive.”Ahead of the meetings at the discrete villa residence of Switzerland’s ambassador to the United Nations in Geneva, Trump signalled he might lower the tariffs, suggesting on social media that an “80% Tariff on China seems right!”However, White House Press Secretary Karoline Leavitt later clarified that the United States would not lower tariffs unilaterally. China would also need to make concessions, she said.The fact the talks are even happening “is good news for business, and for the financial markets”, Gary Hufbauer, a senior non-resident fellow at the Peterson Institute for International Economics, said in an interview while the talks were ongoing.But Hufbauer cautioned he was “very sceptical that there will be any return to something like normal US-China trade relations”. Even a tariff rate of 70-80 percent would still potentially halve bilateral trade, he said.”The devil will be in the details,” said Cutler from ASPI. “Without the details, it’s hard to assess whether the meeting was successful or not.” – ‘GREAT PROGRESS!!’ – China’s vice premier went into the discussions buoyed by Friday’s news that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.The Geneva meeting comes after Trump unveiled a trade agreement with Britain, the first with any country since he unleashed his blitz of global tariffs.The five-page, non-binding deal confirmed to nervous investors that Washington is willing to negotiate sector-specific relief from recent duties. But Trump maintained a 10 percent baseline levy on most British goods.In a Truth Social post Saturday, Trump said the talks had made “GREAT PROGRESS!!””We want to see, for the good of both China and the U.S., an opening up of China to American business,” he added.

Washington expressed optimism at the end of a weekend of trade talks with China aimed to de-escalate trade tensions sparked by President Donald Trump’s aggressive tariff rollout.”I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” US Treasury Secretary Scott Bessent told reporters in Geneva.”The talks were productive,” he said, taking no questions from the media, but promising a “complete briefing” on the outcome of the talks on Monday.Trade Representative Jamieson Greer, who also took part in the two days of closed-door talks with Chinese Vice Premier He Lifeng, sais that the differences between the sides were “not so large as maybe thought”.After the first day of negotiations, Trump had posted on Truth Social that the discussions had been “very good”, describing them as “a total reset negotiated in a friendly, but constructive, manner”.Beijing had yet to comment Sunday, but on Saturday Chinese state news agency Xinhua described the talks as “an important step in promoting the resolution of the issue”.The Chinese delegation was expected to speak to the media Sunday evening.The meetings marked the first time senior officials from the world’s two largest economies have met face-to-face to tackle the topic of trade since Trump slapped steep new levies on China last month, sparking a robust retaliation from Beijing. – Tariffs ‘lose-lose’ -“The talks reflect that the current state of the trade relations with these extremely high tariffs is ultimately in the interests of neither the United States nor China,”, Citigroup global chief economist Nathan Sheets told AFP. He called the tariffs a “lose-lose proposition”.The tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China put 125-percent tariffs on US goods.Ahead of the meeting at the discrete villa residence of the Swiss ambassador to the United Nations in Geneva, Trump signalled he might lower the tariffs, suggesting on social media that an “80% Tariff on China seems right!”However, his press secretary Karoline Leavitt later clarified that the United States would not lower tariffs unilaterally. China would also need to make concessions, she said.Going into the meeting, both sides played down expectations of a major change in trade relations.Bessent underlined a focus on “de-escalation” and not a “big trade deal”, while Beijing insisted that the United States had to ease tariffs first.The fact the talks are even happening “is good news for business, and for the financial markets”, said Gary Hufbauer, a senior non-resident fellow at the Peterson Institute for International Economics (PIIE).But Hufbauer cautioned he was “very sceptical that there will be any return to something like normal US-China trade relations”. Even a tariff rate of 70 to 80 percent would still potentially halve bilateral trade, he said.- China ‘better equipped’ – China’s vice premier went into the discussions buoyed by Friday’s news that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Among some of the more moderate Trump officials, such as Bessent and US Commerce Secretary Howard Lutnick, “there’s a realisation that China is better equipped to deal with this trade war than the US,” said Hufbauer.The Geneva meeting comes after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of global tariffs.The five-page, non-binding deal confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties. But he maintained a 10-percent baseline levy on most British goods.Following the US-UK trade announcement, analysts have voiced pessimism about the likelihood negotiations will lead to any significant changes in the US-China trade relationship.”It’s nice that they’re talking. But my expectations for the actual outcomes of this first round of talks is pretty limited,” Sheets from Citigroup said.In his Truth Social post, Trump said the talks had made “GREAT PROGRESS!!””We want to see, for the good of both China and the U.S., an opening up of China to American business,” he added.

Washington expressed optimism as talks with top Chinese officials continued for a second day Sunday in a bid to de-escalate trade tensions sparked by President Donald Trump’s aggressive tariff rollout.As the two days of high-level negotiations in Geneva neared an end, US Commerce Secretary Howard Lutnick told CNN Sunday the administration was “optimistic that things will work out well”.That comment came after Trump posted on Truth Social following the first day of negotiations that Saturday’s discussions had been “very good”, deeming them “a total reset negotiated in a friendly, but constructive, manner”.Beijing had yet to comment Sunday, but on Saturday Chinese state news agency Xinhua described the talks as “an important step in promoting the resolution of the issue”.The closed-door meetings between US Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng are taking place at the residence of the Swiss ambassador to the United Nations in Geneva.After taking a two-hour lunch break, the delegations returned to the discrete villa with sky-blue shutters on the left bank of Lake Geneva at around 3:30 pm (1330 GMT), according to an AFP journalist on site.Lutnick told CNN the teams were hard at work on negotiations that are “really important” for both sides, but did not provide further detail on the contents of the talks.- Tariffs ‘lose-lose’ -The discussions are the first time senior officials from the world’s two largest economies have met face-to-face to tackle the thorny topic of trade since Trump slapped steep new levies on China last month, sparking a robust retaliation from Beijing. “These talks reflect that the current state of the trade relations with these extremely high tariffs is ultimately in the interests of neither the United States nor China,” Citigroup global chief economist Nathan Sheets told AFP, calling the tariffs a “lose-lose proposition.”The tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China put 125 percent tariffs on US goods.Ahead of the meeting, Trump signalled he might lower the tariffs, suggesting on social media that an “80% Tariff on China seems right!”However, his press secretary Karoline Leavitt later clarified that the United States would not lower tariffs unilaterally, and that China would also need to make concessions.Going into the meeting, both sides played down expectations of a major change in trade relations, with Bessent underlining a focus on “de-escalation” and not a “big trade deal,” and Beijing insisting the United States must ease tariffs first.The fact the talks are even happening “is good news for business, and for the financial markets,” said Gary Hufbauer, a senior non-resident fellow at the Peterson Institute for International Economics (PIIE).But Hufbauer cautioned he was “very sceptical that there will be any return to something like normal US-China trade relations,” with even a tariff rate of 70 to 80 percent still potentially halving bilateral trade.- China ‘better equipped’ – China’s vice premier went into the discussions buoyed by Friday’s news that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Among some of the more moderate Trump officials like Bessent and Lutnick, “there’s a realisation that China is better equipped to deal with this trade war than the US,” said Hufbauer.The Geneva meeting comes after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of global tariffs.The five-page, non-binding deal confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties, but maintained a 10 percent baseline levy on most British goods.Following the US-UK trade announcement, analysts have voiced pessimism about the likelihood negotiations will lead to any significant changes in the US-China trade relationship.”It’s nice that they’re talking. But my expectations for the actual outcomes of this first round of talks is pretty limited,” Sheets from Citigroup said.In his Truth Social post, Trump said the talks had made “GREAT PROGRESS!!””We want to see, for the good of both China and the U.S., an opening up of China to American business,” he added.

Talks between top US and Chinese officials resumed for a second day Sunday, after US President Donald Trump voiced optimism over the negotiations aimed at de-escalating trade tensions sparked by his aggressive tariff rollout.In a Truth Social post following a first day of talks in Geneva on Saturday, Trump praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner”.Earlier, Chinese state news agency Xinhua also described the talks in Switzerland as “an important step in promoting the resolution of the issue”.The second day of closed-door meetings between US Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng resumed shortly after 10 am (0800 GMT) Sunday.As on Saturday, the talks were taking place at the residence of the Swiss ambassador to the United Nations in Geneva, a discrete villa with sky-blue shutters near a large park on the left bank of Lake Geneva.”These talks reflect that the current state of the trade relations with these extremely high tariffs is ultimately in the interests of neither the United States nor China,” Citigroup global chief economist Nathan Sheets told AFP, calling the tariffs a “lose-lose proposition.”- ‘Good news’ -The discussions are the first time senior officials from the world’s two largest economies have met face-to-face to tackle the thorny topic of trade since Trump slapped steep new levies on China last month, sparking a robust retaliation from Beijing. The tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China put 125 percent tariffs on US goods.Ahead of the meeting, Trump signaled he might lower the tariffs, suggesting on social media that an “80% Tariff on China seems right!”However, his press secretary Karoline Leavitt later clarified that the United States would not lower tariffs unilaterally, and that China would also need to make concessions.Going into the meeting, both sides played down expectations of a major change in trade relations, with Bessent underlining a focus on “de-escalation” and not a “big trade deal,” and Beijing insisting the United States must ease tariffs first.The fact the talks are even happening “is good news for business, and for the financial markets,” said Gary Hufbauer, a senior non-resident fellow at the Peterson Institute for International Economics (PIIE).But Hufbauer cautioned he was “very skeptical that there will be any return to something like normal US-China trade relations,” with even a tariff rate of 70 to 80 percent still potentially halving bilateral trade.- China ‘better equipped’ – China’s vice premier went into the discussions buoyed by Friday’s news that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Among some of the more moderate Trump officials like Bessent and Commerce Secretary Howard Lutnick, “there’s a realisation that China is better equipped to deal with this trade war than the US,” said Hufbauer.The Geneva meeting comes after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of global tariffs.The five-page, non-binding deal confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties, but maintained a 10 percent baseline levy on most British goods.Following the US-UK trade announcement, analysts have voiced pessimism about the likelihood negotiations will lead to any significant changes in the US-China trade relationship.”It’s nice that they’re talking. But my expectations for the actual outcomes of this first round of talks is pretty limited,” Sheets from Citigroup said.”I think it’s quite possible they’ll walk away from Geneva saying how constructive and productive the talks were, but not actually reducing tariffs at all,” Hufbauer said.In his Truth Social post, Trump said the talks had made “GREAT PROGRESS!!””We want to see, for the good of both China and the U.S., an opening up of China to American business,” he added.

US President Donald Trump hailed a “total reset” in US-China trade relations, ahead of a second day of talks Sunday between top officials from Washington and Beijing aimed at de-escalating trade tensions sparked by his aggressive tariff rollout.In a Truth Social post early Sunday, Trump praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner.”The second day of closed-door meetings between US Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng are due to restart in the morning, according to an individual familiar with the talks who was not authorized to speak publicly.”These talks reflect that the current state of the trade relations with these extremely high tariffs is ultimately in the interests of neither the United States nor China,” Citigroup global chief economist Nathan Sheets told AFP, calling the tariffs a “lose-lose proposition.”The discussions are the first time senior officials from the world’s two largest economies have met face-to-face to tackle the thorny topic of trade since Trump slapped steep new levies on China last month, sparking robust retaliation from Beijing. The levies imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China put 125 percent tariffs on US goods, cementing what appears to be a near trade embargo between the two countries.Ahead of the meeting, Trump signaled he might lower the tariffs, suggesting on social media that an “80% Tariff on China seems right!”However, his press secretary Karoline Leavitt later clarified that the United States would not lower tariffs unilaterally, and that China would also need to make concessions.- ‘An important step’ -The first day of negotiations occurred Saturday at the residence of the Swiss ambassador to the United Nations in Geneva, a discrete villa with sky blue shutters near a large park on the left bank of Lake Geneva.Going into the meeting, both sides played down expectations of a major change in trade relations, with Bessent underlining a focus on “de-escalation” and not a “big trade deal,” and Beijing insisting the United States must ease tariffs first.A commentary published by China’s state news agency Xinhua called the talks “an important step in promoting the resolution of the issue.”The fact the talks are even happening “is good news for business, and for the financial markets,” said Gary Hufbauer, a senior non-resident fellow at the Peterson Institute for International Economics (PIIE).But Hufbauer cautioned he was “very skeptical that there will be any return to something like normal US-China trade relations,” with even a tariff rate of 70 to 80 percent still potentially halving bilateral trade.- China ‘better-equipped’ – China’s vice premier went into the discussions buoyed by Friday’s news that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Among some of the more moderate Trump officials like Bessent and Commerce Secretary Howard Lutnick, “there’s a realization that China is better equipped to deal with this trade war than the US,” said Hufbauer.The Geneva meeting comes after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of global tariffs.The five-page, non-binding deal confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties, but maintained a 10 percent baseline levy on most British goods.Following the US-UK trade announcement, analysts have voiced pessimism about the likelihood negotiations will lead to any significant changes in the US-China trade relationship.”It’s nice that they’re talking. But my expectations for the actual outcomes of this first round of talks is pretty limited,” Sheets from Citigroup said.”I think it’s quite possible they’ll walk away from Geneva saying how constructive and productive the talks were, but not actually reducing tariffs at all,” Hufbauer said.In his Truth Social post, Trump said the talks had made “GREAT PROGRESS!!””We want to see, for the good of both China and the U.S., an opening up of China to American business,” he added.

US President Donald Trump  hailed early Sunday a “total reset” in US-China trade relations following the first day of talks between top American and Chinese officials in Geneva aimed at de-escalating tensions sparked by his aggressive tariff rollout. Trump praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner.””We want to see, for the good of both China and the U.S., an opening up of China to American business,” he said in a Truth Social post Saturday evening in Washington.He added: “GREAT PROGRESS MADE!!!”US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met Saturday with Chinese Vice Premier He Lifeng for the first such negotiations between the world’s two largest economies since Trump slapped steep new levies on China last month, sparking robust retaliation from Beijing. The discussions are expected to continue Sunday in Geneva, according to an individual familiar with the talks, who was not authorized to speak publicly. “The contact in Switzerland is an important step in promoting the resolution of the issue,” a commentary published by China’s state news agency Xinhua said.- ‘De-escalate’ -The closed-door negotiations took place at the residence of the Swiss ambassador to the United Nations in Geneva, a discrete villa with sky blue shutters near a large park on the left bank of Lake Geneva.Tariffs imposed by Trump on China since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China slapped 125 percent levies on US goods, cementing what appears to be a near trade embargo between the two countries.Trump signalled Friday that he might lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an “80% Tariff on China seems right!”.”The president would like to work it out with China,” US Commerce Secretary Howard Lutnick told Fox News on Friday. “He would like to de-escalate the situation.”Trump’s press secretary Karoline Leavitt clarified that the United States would not lower tariffs unilaterally, and that China would need to make concessions.In any case, a move to that level would be a symbolic gesture, since the tariffs would remain prohibitively steep.- ‘No winners’ -Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal”.Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.”Trade wars and tariff battles yield no winners,” said a commentary piece run by Xinhua early Sunday.China’s vice premier went into the discussions buoyed by news on Friday that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Bessent and He were meeting two days after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of sweeping global tariffs.The five-page, non-binding deal with London confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case, on British cars, steel and aluminium. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10 percent baseline levy on most British goods remained intact and Trump remains “committed” to keeping it in place for other countries, Leavitt told reporters on Friday.A few hours later, Trump appeared to contradict her, suggesting there could be some flexibility to the baseline — but only if the right deals could be reached. “There could be an exception at some point. We’ll see,” he said. “If somebody did something exceptional for us, that’s always possible.”burs-nl-da/acb

Senior US and Chinese officials on Saturday concluded the first of two days of talks aimed at resolving the trade war sparked by President Donald Trump’s sweeping tariffs, with Chinese state media calling the negotiations an “important step.”US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng for the first such negotiations between the world’s two largest economies since Trump slapped steep new levies on China last month, sparking robust retaliation from Beijing. The discussions are expected to restart on Sunday in the Swiss city, according to an individual familiar with the talks, who was not authorized to speak publicly. “The contact in Switzerland is an important step in promoting the resolution of the issue,” a commentary published by China’s state news agency Xinhua said.It provided no further details on the progress of closed-door discussions, which began mid-morning Saturday.The negotiations took place at the residence of the Swiss ambassador to the United Nations in Geneva, a discrete villa with sky blue shutters near a large park on the left bank of Lake Geneva.Tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China slapped 125 percent levies on US goods, cementing what appears to be a near trade embargo between the two countries.Trump signalled Friday that he might lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an “80% Tariff on China seems right!”.”The president would like to work it out with China,” US Commerce Secretary Howard Lutnick told Fox News on Friday. “He would like to de-escalate the situation.”Trump’s press secretary Karoline Leavitt clarified that the United States would not lower tariffs unilaterally, and that China would need to make concessions.In any case, a move to that level would be a symbolic gesture, since the tariffs would remain prohibitively steep.- ‘Not good’ relationship -“The relationship is not good” between Washington and Beijing, said Bill Reinsch, a senior advisor at the Center for Strategic and International Studies. “We have trade-prohibitive tariffs going in both directions. Relations are deteriorating,” said Reinsch, a longtime former member of the US-China Economic and Security Review Commission, a bipartisan committee that advises Congress. “But the meeting is a good sign.””I think this is basically to show that both sides are talking — and that itself is very important,” said Xu Bin, professor of economics and finance at the China Europe International Business School. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs,” he told AFP. Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal”.Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.”Trade wars and tariff battles yield no winners,” said a commentary piece run by Xinhua early Sunday.- 10-percent ‘baseline’ – China’s vice premier went into the discussions buoyed by news on Friday that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Bessent and He were meeting two days after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of sweeping global tariffs.The five-page, non-binding deal with London confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case, on British cars, steel and aluminium. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10 percent baseline levy on most British goods remained intact and Trump remains “committed” to keeping it in place for other countries, Leavitt told reporters on Friday.A few hours later, Trump appeared to contradict her, suggesting there could be some flexibility to the baseline — but only if the right deals could be reached. “There could be an exception at some point. We’ll see,” he said. “If somebody did something exceptional for us, that’s always possible.”burs-nl-da/sst

Senior US and Chinese officials were meeting in Geneva Saturday in what Chinese state media described as an “important step” towards resolving the trade war sparked by President Donald Trump’s sweeping tariffs. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer were holding talks with Chinese Vice Premier He Lifeng, in the first such negotiations between the world’s two largest economies since Trump slapped steep new levies on China last month and Beijing’s robust retaliation. “The contact in Switzerland is an important step in promoting the resolution of the issue,” a commentary published by China’s state news agency Xinhua said.It provided no further details on the progress of closed-door discussions, which began mid-morning Saturday and were due to continue on Sunday.The talks were being held at the residence of the Swiss ambassador to the United Nations in Geneva, a discrete villa with sky blue shutters near a large parc on the left bank of Lake Geneva.Tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China slapped 125 percent levies on US goods, cementing what appears to be a near trade embargo between the world’s two largest economies.Trump signalled on Friday that he might lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an “80% Tariff on China seems right!”.”The president would like to work it out with China…. He would like to de-escalate the situation,” US Commerce Secretary Howard Lutnick told Fox News on Friday.Trump’s press secretary, Karoline Leavitt, clarified that the US would not lower tariffs unilaterally, adding that China would need to make concessions as well.In any case, a move to that level would be a symbolic gesture, since the tariffs would remain prohibitively steep.- ‘Not good’ relationship -“The relationship is not good” between Washington and Beijing, said Bill Reinsch, a senior advisor at the Center for Strategic and International Studies. “We have trade-prohibitive tariffs going in both directions. Relations are deteriorating,” said Reinsch, a longtime former member of the American government’s US-China Economic and Security Review Commission. “But the meeting is a good sign.””I think this is basically to show that both sides are talking — and that itself is very important,” said Xu Bin, professor of economics and finance at the China Europe International Business School. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs,” he told AFP. Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal”.The head of the Geneva-based World Trade Organization said on Friday she welcomed the talks, calling them a “positive and constructive step toward de-escalation”.”Sustained dialogue between the world’s two largest economies is critical to easing trade tensions, preventing fragmentation along geopolitical lines and safeguarding global growth,” WTO Director-General Ngozi Okonjo-Iweala said, according to a spokesperson.- 10-percent ‘baseline’ – China’s vice president went into the discussions buoyed by news on Friday that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Bessent and He were meeting two days after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of sweeping global tariffs.The five-page, non-legally binding document with London confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case on British cars, steel and aluminium. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10-percent baseline levy on most British goods remained intact and Trump remains “committed” to keeping it in place for other countries in talks with the United States, Leavitt told reporters on Friday. A few hours later, Trump appeared to contradict her, suggesting there could be some flexibility to the baseline — but only if the right deals could be reached. “There could be an exception at some point. We’ll see,” he said. “If somebody did something exceptional for us, that’s always possible.”burs-da-nl/vog/yad

Senior US and Chinese officials were meeting in Geneva on Saturday in a bid to de-escalate a trade war sparked by President Donald Trump’s sweeping tariff roll-out and further fuelled by Beijing’s robust retaliation. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer were conferring with Chinese Vice Premier He Lifeng in the first such talks between the world’s two largest economies since Trump slapped steep new levies on China last month. The closed-door discussions began at mid-morning Saturday and were due to continue Sunday at the residence of the Swiss ambassador to the United Nations in Geneva.And after a break at around lunchtime, the delegations returned to the discrete villa with sky blue shutters near a large parc on the left bank of Lake Geneva, according to AFP journalists on site.Tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China slapped 125 percent levies on US goods, cementing what appears a near trade embargo between the world’s two largest economies.Trump signalled on Friday that he might lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an “80% Tariff on China seems right!”.”The president would like to work it out with China…. He would like to de-escalate the situation,” US Commerce Secretary Howard Lutnick told Fox News on Friday.Trump’s press secretary, Karoline Leavitt, clarified that the US would not lower tariffs unilaterally, adding that China would need to make concessions as well.In any case, a move to that level would be a symbolic gesture, since the tariffs would remain prohibitively steep.- ‘Not good’ relationship -“The relationship is not good” between Washington and Beijing, noted Bill Reinsch, a senior advisor at the Center for Strategic and International Studies. “We have trade-prohibitive tariffs going in both directions. Relations are deteriorating,” said Reinsch, a longtime former member of the American government’s US-China Economic and Security Review Commission. “But the meeting is a good sign.””I think this is basically to show that both sides are talking — and that itself is very important,” said Xu Bin, professor of economics and finance at the China Europe International Business School. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs,” he told AFP. Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal”.The head of the Geneva-based World Trade Organization, Ngozi Okonjo-Iweala, said on Friday she welcomed the talks, calling them a “positive and constructive step toward de-escalation”.- 10-percent ‘baseline’ – China’s vice president went into the discussions buoyed by news on Friday that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Bessent and He were meeting two days after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of sweeping global tariffs.The five-page, non-legally binding document with London confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case on British cars, steel and aluminium. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10-percent baseline levy on most British goods remained intact and Trump remains “committed” to keeping it in place for other countries in talks with the United States, Leavitt told reporters on Friday. A few hours later, Trump appeared to contradict her, suggesting there could be some flexibility to the baseline — but only if the right deals could be reached. “There could be an exception at some point. We’ll see,” he said. “If somebody did something exceptional for us, that’s always possible.”burs-da-nl/vog/gil

China said Saturday that consumer prices slumped in April for the third straight month, reflecting persistent challenges as leaders attempt to revive an economy stymied by sluggish spending and a fierce trade war with Washington.The world’s second-largest economy has grappled with persistent deflationary pressure in recent years, as longstanding woes in the property sector and export headwinds impede growth.The latest figures come ahead of Saturday’s start to a meeting of key economic officials from China and the United States in Switzerland, offering a potential off-ramp for the high-stakes trade war launched by President Donald Trump.US tariffs on imports from manufacturing powerhouse China now stand at a staggering 145 percent for many products — and reach as high as 245 percent cumulatively on others.Trump suggested Friday that the tariffs could be cut to 80 percent, though Beijing has demanded a complete cancellation of the levies that are compounding other challenges facing the Chinese economy.The consumer price index (CPI) — a key measure of inflation — was down 0.1 percent last month year-on-year, according to data released Saturday by the National Bureau of Statistics (NBS), following previous drops in February and March.The reading was in line with a Bloomberg forecast of a 0.1 percent year-on-year decline based on a survey of economists, and consistent with the slight drop recorded in March.NBS statistician Dong Lijuan said Saturday in a statement about the data that “international imported factors have a certain downward impact on prices in some industries”.”China still faces persistent deflationary pressure,” said Zhiwei Zhang, President and Chief Economist at Pinpoint Asset Management, in a note.The intensity of contributing factors “may rise in coming months as exports will likely weaken”, said Zhang, adding that “more proactive fiscal policy is necessary to boost domestic demand”.- ‘Downward pressure’ -The NBS also announced Saturday that April’s producer price index (PPI) — another indicator of inflation — declined 2.7 percent year-on-year, accelerating from the 2.5 percent drop recorded in March.China’s PPI has remained mired in negative territory for more than two years and the drop recorded Saturday was in line with expectations.”Changes in the international trade environment and a rapid decline in some international bulk commodities have affected the decline in prices in related domestic industries,” Dong said of the PPI data.The deflationary run is due in part to a recent slump in oil prices, wrote Zichun Huang and Julian Evans-Pritchard of Capital Economics in a note on Friday.But, they added, “we suspect that overcapacity in Chinese industry continued to put downward pressure on factory-gate prices too”.China’s exports rose last month despite the trade war, official data showed Friday, an unexpected development attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.The trade figures from the Chinese customs bureau showed that while exports to the United States dropped sharply in April, those to Thailand, Indonesia and Vietnam surged by double digits.Chinese policymakers this week eased key monetary policy tools in a bid to ramp up domestic activity.Those included cuts to a key interest rate and moves to lower the amount banks must hold in reserve in a bid to boost lending — adding to Beijing’s sweeping push since September to revitalise the economy.