End of the tariff war? The US and China reach a trade agreement.
After two days of “ productive ” trade talks , marking the first high-level meeting between the United States ( US ) and China since US President Donald Trump declared a tariff war against the Asian giant last month, the two countries reached an agreement on Sunday, May 11 in Geneva, Switzerland .
U.S. Treasury Secretary Scott Bessent reported that substantial progress was made between the United States and China in “very important trade talks” held in Geneva .
How did the US and China reach an agreement?“The Swiss government has been very kind in providing us with this wonderful meeting venue, and I believe that has led to the great productivity we've seen. We'll share more details tomorrow, but I can tell you the discussions were productive,” reported Scott Bessent .
For his part, Ambassador Jamieson Greer, the United States Trade Representative, reported that they had “ two very constructive days ” following the talks that helped achieve the trade agreement with the Asian giant.
“It's important to understand how quickly we were able to reach an agreement , which reflects that perhaps the differences weren't as great as previously thought. That said, these two days have served as a preparation for a lot of things ,” said Jamieson Greer .
He added that “the United States has a massive $1.2 trillion trade deficit , which is why the president declared a national emergency and imposed tariffs ,” and they are confident that the new agreement they reached with their Chinese partners will help them work to resolve it.
Following these statements, President Trump is likely to provide more details on the trade agreement between the U.S. and China , who have been engaged in an active tariff war for several months.
publimetro
