Positive Trade Talk Outcome Between Two Giant Economies
The recent diplomatic talks between China and the United States have turned in a positive way. Both the countries have demonstrated keenness to seal a trade deal. The pact will assist in reducing the current financial losses due to the trade war. US Treasury Secretary Scott Besant made sure that considerable advancement took place during the talks. The entire details will be made available to the media on Monday (US time), according to him.
Negotiation in Switzerland Bears Promising Results
The talks were conducted for two days in Switzerland amid alarm over the climbing tariffs. There were meetings by Chinese officials with Scott Besant and US Trade Representative Jamison Greer. The talks went well, indicated Besant. He added that US President Donald Trump was equally informed about what was happening. Besant described the excessive tariffs imposed by the two nations and demanded their lowering. However, he failed to state whether any tariff decrease has been agreed upon. Greer subsequently added that the two sides concurred on the reduction of the $1.2 trillion trade deficit. Trump Welcomes Progress in Talks
President Trump offered his take on social media site Truth. He referred to the meeting with China as "good" and stated that numerous important issues were addressed. He confirmed that the two countries had come to some agreement and reiterated the aim of making decisions that would serve both parties.
Tariff Background and Recent Developments
The US imposed tariffs on Chinese goods to 145 percent last month.
As a reprisal, China also placed 125 percent tariffs on imports from the US. So high tariffs marked a retaliatory economic confrontation. The two countries' trade volume, though, last year reached $660 billion. In the latest round of negotiations, before this, President Trump proposed probable cuts in tariffs through a post on Truth Social. He added that an 80 percent tariff level would be appropriate. White House economic advisor Kevin Hassett also stated that such trade agreements would be negotiable in the near term with other nations, including India.
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