Live updates: Trump Administration News about China trade talks, tariffs, Iranian negotiations

President Donald Trump said that in the technical discussions that started yesterday between the United States and China, it “made great progress” and signaled a possible thawing in the trade war, which was triggered by its massive tariffs.

“A very good meeting today with China in Switzerland. Many discussed things that have agreed a lot. A total reset that was negotiated in a friendly but constructive way. We want to see both China and the United States, an opening of China for American business. Made great progress !!!” Trump wrote about the social truth.

It was the first public comment from Trump after the day of talks in Geneva, which continues today, a source that was informed about the meetings.

Set expectations: The Finance Minister of Trump, Scott Bessent, who heads the US delegation, asked the public at the beginning of this week not to expect a large trade agreement from the meetings and instead characterize them as an opportunity, to set a constructive sound and to agree on some basic principles.

The Chinese state news agency Xinhua called Switzerland “an important step towards solving the problem”.

“However, an ultimate solution requires sufficient strategic patience and determination as well as the fair support of the international community,” said Xinhua.

How we came here: The United States has achieved at least 145% tariff in most Chinese imports, and China reacted to most US imports with a tariff of 125%. As a result, the trade between the two sides drops strongly according to the logistics expert.

Even half of this tariff rate by half may not be enough to change the trade level significantly. Economists said that 50% was the make-or break threshold for the return of some normal business between the two countries. And the combination of less goods arriving in the USA and increased costs for the arrival of imports has already started to increase prices for Americans.

Hours after Bessent was on the way to Switzerland on Friday, Trump hovered the opportunity to lower the tariffs for Chinese goods to 80% and “open its market for the USA”.