Trump praises ‘total reset’ after US-China trade talks
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The news: US President Donald Trump said that “great progress” had been made during the first day of trade talks with China on Saturday, as the countries seek to reach an agreement after escalating tariffs triggered mayhem across global markets and supply chains.
The context: US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met in Geneva with China’s Vice Premier He Lifeng for the talks.
While the officials did not comment on the discussions, which were continuing on Sunday, Trump posted on Truth Social that there was “much agreed to” during the talks.
“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. GREAT PROGRESS MADE!!!”
Late last week Trump indicated that a softening of tariffs from the US was incoming, opening the door to a major reduction from 145% tariffs down to 80%.
On Saturday, China's official Xinhua News Agency said in a commentary on Saturday that the United States' "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."
"Whether the road ahead involves negotiation or confrontation, one thing is clear: China's determination to safeguard its development interests is unshakable, and its stance on maintaining the global economic and trade order remains unwavering," Xinhua said.
The sources: Xinhua, Trump Truth Social, FT
