The US president praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner”
Donald Trump has hailed a “total reset” in US-China trade relations after the first day of talks between top American and Chinese officials in Geneva aimed at defusing a trade war sparked by his tariff rollout.
The US president 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 posted on his Truth Social platform early on Sunday, adding: “GREAT PROGRESS MADE!!!” He did not elaborate on the progress.
Earlier, top US and Chinese officials wrapped up the first day of talks in the Swiss city aimed at de-escalating tensions that threaten to hammer the global economy. Negotiations were expected to continue on Sunday, a source close to the discussions said.
China’s vice-premier, He Lifeng, met for about eight hours with US treasury secretary, Scott Bessent, and US trade representative, Jamieson Greer, in their first face-to-face meeting since the world’s two largest economies heaped tariffs well above 100% on each other’s goods.
Talks between the US and Chinese delegations over tariffs that threaten to turn the global economy topsy-turvy ended after a day of prolonged negotiations and will resume on Sunday, a source briefed on the meetings confirmed to CBS News.
There was no immediate indication whether any progress was made on Saturday during the more than 10-hour meeting between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Switzerland.
The talks, which could help stabilize world markets roiled by the US-China standoff, have been shrouded in secrecy and neither side made comments, as per CBS News.
Bessent indicated last week that the initial discussions were likely about “de-escalation, not about the big trade deal.” The Treasury secretary said the US and China have “shared interests” because the sky-high tariffs imposed by both countries last month are not “sustainable.”
US Trade Representative Jamieson Greer is also in Switzerland alongside Bessent for the talks.
Several convoys of black vehicles left the residence of the Swiss ambassador to the UN in Geneva, which hosted the talks aimed at de-escalating trade tensions between the world’s two biggest economies, as per CBS News. Diplomats from both sides also confirmed that the talks took place.
President Donald Trump indicated that he is open to significantly reducing the United States’ existing 145 per cent tariff on Chinese goods.
Trump said that an 80 per cent tariff on China “seems right,” adding that Treasury Secretary Scott Bessent would make the final decision.
Sharing a post on Truth Social on Friday, Trump wrote, “80% Tariff on China seems right! Up to Scott B.”
“China should open up its market to USA — would be so good for them!!! Closed markets don’t work anymore,” Trump wrote in another post.
The US has placed a minimum tariff of 145 per cent on most Chinese imports, and China has responded with a 125 per cent tariff on most US imports.
Tariffs imposed on the Asian manufacturing giant since the start of the year currently total 145%, with cumulative US duties on some Chinese goods reaching a staggering 245%.
In retaliation, China slapped 125% levies on US goods, cementing what appears a near trade embargo between the world’s two largest economies. Beijing has said the US 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 that she welcomed the talks, calling them a “positive and constructive step toward de-escalation”.
Washington is seeking to reduce its $295bn goods trade deficit with Beijing and persuade China to renounce what the US says is a mercantilist economic model and contribute more to global consumption. Beijing has pushed back against what it sees as external interference and wants Washington to lower tariffs and clarify what it wants China to buy more of.
China’s official Xinhua news agency said in a commentary on Saturday that the US’s “reckless abuse of tariffs” had destabilised the global economic order, but added that the negotiations represented “a positive and necessary step to resolve disagreements and avert further escalation”.
Economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80% tariff on Chinese goods “seems right”, suggesting for the first time a specific alternative to the 145% levies he has imposed on Chinese imports.
He has suggested the discussions were initiated by China. Beijing said the US requested the discussions and that China’s policy of opposing US tariffs had not changed. The US commerce secretary, Howard Lutnick, told Fox News on Friday: “The president would like to work it out with China. He would like to de-escalate the situation.”
Trump’s press secretary, Karoline Leavitt, clarified that the US would not lower tariffs unilaterally and that China would need to make concessions. The Swiss economy minister, Guy Parmelin, met both parties in Geneva on Friday and said the fact the talks were taking place was already a success.
“If a road map can emerge and they decide to continue discussions, that will lower the tensions,” he told reporters on Friday, saying talks could continue into Sunday or even Monday.
