On Saturday, U.S. economic officials gathered in Geneva with their Chinese counterparts to kick off crucial negotiations aimed at addressing the ongoing trade war that has been unsettling the global economy.
The discussions, involving China’s Deputy Prime Minister Lifeng and U.S. Treasury Secretary Scott Bescent, are set to resume on Sunday. This is the first direct engagement since President Trump imposed steep tariffs of 145% on Chinese imports.
Bescent, accompanied by U.S. Trade Representative Jamieson Greer—both in matching red ties—was spotted leaving their hotel that morning for a private meeting. They resumed discussions in the afternoon.
Trump, in a recent post on his platform, suggested reducing the tariffs from 145% to 80%, but left the final decision to Bescent during the negotiations.
“China should open a market in the U.S. It’s very good for them!!! The closed market won’t work anymore!!!” Trump expressed.
He referenced the 80% tariff, hinting it seemed appropriate, but emphasized it was up to Bescent to decide.
Later, White House Press Secretary Karoline Leavitt remarked to reporters that the tariff figure was still fluid. “That was just a number the president mentioned,” she stated, adding that he is not looking to eliminate tariffs unilaterally.
Trump has long criticized China for engaging in unfair trade practices and for not adequately addressing the flow of fentanyl. However, in recent weeks, he appears more open to negotiations, showing a willingness to adopt a softer approach rather than a confrontational stance.
The president previously indicated he wouldn’t reference COVID either, suggesting he would take a more amicable tone with President Xi. “See what happens. But in the end, they have to trade because otherwise they can’t trade in the U.S., and we want them to get involved,” he noted.
The tariff conflict began after the “liberation day” tariffs were announced on April 2, and although Trump initially lowered tariffs across the board to 10%, China responded by raising their rates to 145% following specific actions against the U.S.
The White House has remained cautious about making concrete promises regarding the negotiations, reinforcing that progress hinges on China’s cooperation.
Leavitt expressed that the weekend talks would provide insights into potential outcomes, stating she would await direct updates from the Treasury Secretary or the President afterward.
Recently, Trump unveiled a trade deal with the UK, leaving a 10% tariff on U.S. allies but granting the UK more access to American agricultural products. This deal also allows the UK to import 100,000 cars into the U.S. at a reduced 10% rate, instead of the previous 25%.
According to Trump’s trade advisor, Peter Navarro, this 10% baseline will serve as a model for treatment of other countries. He also indicated that retaliatory fees from these nations could be higher than before.
