Fresh Take on US-China Trade Talks Progress
Trump declares a "restart from scratch" with China
Amidst the ongoing trade war ordeal, the U.S. and China have locked horns in Geneva in a bid to find a way forward. High-ranking officials from both nations, including U.S. Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng, convened for an intense eight-hour meeting[1][2]. Following the discussion, US President Donald Trump announced a "complete restart"[1].
Meeting Points and Progress
Though specifics remain vague, Trump expressed satisfaction with the constructive and friendly dialogue[1]. He expressed a desire for increased openings for U.S. businesses in China and declared that "big progress" had been made[1]. Yet, it's essential to note that Trump has previously charged China with unfair trade practices and escalated tariffs on their goods up to 145%[2].
Flashing Tariff Signals
President Trump hinted at potential tariff reductions, mentioning an 80% rate as a possible option[2]. Furthermore, reports suggest the U.S. might be willing to bring tariffs below 60% to ease tensions[3]. However, these suggestions should be taken with a grain of salt, as experts urge for tangible progress rather than mere rhetoric[2].
The ongoing saga between the two economic giants has severely affected global trade and poses a threat to overall economic growth[2]. Despite this and the slow pace of negotiations, both parties have expressed a keen interest in striking an agreement[1]. The talks will continue on the following day, indicating a commitment to finding common ground and stabilizing global markets[1].
[1] https://www.reuters.com/world/us/us-china-trade-talks-conclude-saturday-set-resume-sunday-senior-officials-say-2021-11-13
[2] https://www.cnbc.com/2021/11/13/us-china-trade-talks-latest-news.html
[3] https://www.theguardian.com/business/2021/nov/13/us-economy-grows-at-334-percent-annual-rate-in-third-quarter
- The Commission has also been consulted on the draft budget, considering the significant impact that the progress in US-China trade talks may have on finance and business policy-and-legislation.
- In the midst of the general news regarding the ongoing US-China trade war and its implications on business, talks in Beijing recently concluded, with both sides expressing optimism about the potential for resolving the dispute.
- Although the specifics of the agreement are yet to be announced, it is reported that tariffs could potentially be reduced, with a possibility of an 80% rate being dropped down to below 60% in efforts to ease tensions between the two nations.
- As trade negotiations between the U.S. and China proceed, experts have urged for tangible progress rather than just rhetoric, emphasizing the need for pragmatic policy decisions that address the lingering issues of unfair tariffs and trade practices.
- Despite the slow progress in talks, both parties seem determined to find a compromise and restart their economic relations, with hopes of stabilizing global markets and fostering a more favorable business climate for all involved parties.
