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President Trump advertises “great progress” in trade talks with China

President Trump advertises “great progress” in trade talks with China

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Washington President Donald Trump said that “great progress” was achieved with China on the first day of his team's high-stakes trade negotiations, who described the discussions as “total residual” and approved the two sides to many questions.

Trump's comments came after finance Minister Scott Bessent and the US trade representative Jamieson Greer in Geneva on May 10 with their Chinese colleagues to try to secure a trade agreement between the two superpowers.

It was the first meeting between the leading leaders of the United States and China, since Trump 145% of the tariffs of Chinese imports lit a trade war between the two largest economies in the world. China reacted to Trump's tariffs with 125% retaliation tariffs for US exports.

“A very good meeting with China in Switzerland today,” said Trump in a post about the social truth. “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 USA an opening of China for American business.

Trump, who spent the day in the Trump National Golf Club Washington, DC, in Sterling, Virginia, did not personally take part in the meeting.

On the way to the weekend trade negotiations – which will continue additional meetings on May 11, Trump signaled the willingness to reduce the US -Zölle to China from 145% to 80%, such a great level that the annual trade between the United States and China has brought 600 billion US dollar to a standstill.

More: Donald Trump proposes 80% tariffs for Chinese imports on the eve of the trade negotiations

However, a tariff rate of 80% would still be significantly higher than that of the other nations that Trump has imposed and could lead to significantly higher prices for many goods in the USA.

It was not immediately clear which areas the two sides agreed, as Trump claimed.

The Chinese Vice Prime Minister He Lifeng, who met with better and Greer, described Trump's tariffs “illegally and inappropriate” on May 7th and said that they “disrupt the International Economic and Trade Ordinance”.

“If the United States says one, but another or even try to use negotiations as an excuse to continue the forced and extortion tactics, China will never agree, and there will be no principles or international fairness and justice to obtain an agreement,” said Lifeng before negotiations have been met.

More: Trump evaluates the first major trade agreement. What's next? Something is to be expected here.

The place of talks in Geneva was not published, but witnesses saw how both delegations returned after a lunch break of the Gated UN Ambassador's villa, in which a private park with a view of the Geneva of the Lake Geneva in the leafy suburb of Kologny.

Trump exchanged China, which has exported almost 300 billion US dollars in the United States than imported than imported than the best perpetrator of a trade weight, of which he argues that he has decimated the US production. Trump defended his tariffs as the key to reviving the processing trade.

Trump announced a trade agreement between the United States and the United Kingdom on May 8 and made it for the first time that his administration negotiated with more than 170 countries about trade and tariff policy.

However, it is unclear whether the deal with Great Britain – the ninth trading partner with the United States – will be weak for future trade agreements. The United States has a trade surplus of $ 12 billion in Great Britain and make it a runaway from other countries such as China that were much more to import into the USA.

Contribution: Reuters.

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