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The Advertiser
12-05-2025
- Business
- The Advertiser
US, China hail 'constructive' Geneva trade talks
The United States and China have ended high-stakes trade talks on a positive note, with US officials touting a "deal" to reduce the US trade deficit. Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Neither side released details after they wrapped up two days of talks in Switzerland. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday, local time. Vice Commerce Minister Li Chenggang said it would contain "good news for the world". US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday. In separate briefings with reporters, neither side mentioned any agreement to cut US tariffs of 145 per cent on Chinese goods and China's 125 per cent tariffs on US goods. Greer and Bessent took no questions from reporters. Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the $US1.2 trillion ($A1.9 trillion) US global goods trade deficit. "And this was, as the secretary pointed out, a very constructive two days," Greer said. "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said. The US trade chief called He, Li and Vice Finance Minister Liao Min "tough negotiators". Vice Premier He, speaking to reporters at China's mission to the World Trade Organisation, described the talks as "candid, in-depth and constructive" on issues of concern to both countries. "The meeting achieved substantial progress, and reached important consensus," He said, drawing applause from a large audience of Chinese officials present at the WTO office. The US and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalised as soon as possible, He added. The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Trump took office and launched a global tariff blitz, declaring a national emergency over the fentanyl crisis and imposing a 20 per cent tariff on Chinese goods in February. Trump followed with a 34 per cent "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $US600 billion ($A935 billion) in two-way trade to a standstill. China had insisted that tariffs be lowered in any talks. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific reduction target. Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and the result would address the national emergency that Trump declared over growing US trade deficits. "We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency," Greer said. Earlier on Sunday, White House economic adviser Kevin Hassett told Fox News more foreign trade deals could be coming with other countries as soon as this week. Last week's limited trade deal with Britain left 10 per cent US duties in place on many UK products. Hassett said he had been briefed by US Commerce Secretary Howard Lutnick on two dozen pending deals in development with Greer. "They all look a little bit like the UK deal but each one is bespoke," Hassett said. Overnight, Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated "a total reset ... in a friendly, but constructive, manner". The United States and China have ended high-stakes trade talks on a positive note, with US officials touting a "deal" to reduce the US trade deficit. Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Neither side released details after they wrapped up two days of talks in Switzerland. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday, local time. Vice Commerce Minister Li Chenggang said it would contain "good news for the world". US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday. In separate briefings with reporters, neither side mentioned any agreement to cut US tariffs of 145 per cent on Chinese goods and China's 125 per cent tariffs on US goods. Greer and Bessent took no questions from reporters. Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the $US1.2 trillion ($A1.9 trillion) US global goods trade deficit. "And this was, as the secretary pointed out, a very constructive two days," Greer said. "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said. The US trade chief called He, Li and Vice Finance Minister Liao Min "tough negotiators". Vice Premier He, speaking to reporters at China's mission to the World Trade Organisation, described the talks as "candid, in-depth and constructive" on issues of concern to both countries. "The meeting achieved substantial progress, and reached important consensus," He said, drawing applause from a large audience of Chinese officials present at the WTO office. The US and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalised as soon as possible, He added. The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Trump took office and launched a global tariff blitz, declaring a national emergency over the fentanyl crisis and imposing a 20 per cent tariff on Chinese goods in February. Trump followed with a 34 per cent "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $US600 billion ($A935 billion) in two-way trade to a standstill. China had insisted that tariffs be lowered in any talks. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific reduction target. Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and the result would address the national emergency that Trump declared over growing US trade deficits. "We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency," Greer said. Earlier on Sunday, White House economic adviser Kevin Hassett told Fox News more foreign trade deals could be coming with other countries as soon as this week. Last week's limited trade deal with Britain left 10 per cent US duties in place on many UK products. Hassett said he had been briefed by US Commerce Secretary Howard Lutnick on two dozen pending deals in development with Greer. "They all look a little bit like the UK deal but each one is bespoke," Hassett said. Overnight, Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated "a total reset ... in a friendly, but constructive, manner". The United States and China have ended high-stakes trade talks on a positive note, with US officials touting a "deal" to reduce the US trade deficit. Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Neither side released details after they wrapped up two days of talks in Switzerland. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday, local time. Vice Commerce Minister Li Chenggang said it would contain "good news for the world". US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday. In separate briefings with reporters, neither side mentioned any agreement to cut US tariffs of 145 per cent on Chinese goods and China's 125 per cent tariffs on US goods. Greer and Bessent took no questions from reporters. Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the $US1.2 trillion ($A1.9 trillion) US global goods trade deficit. "And this was, as the secretary pointed out, a very constructive two days," Greer said. "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said. The US trade chief called He, Li and Vice Finance Minister Liao Min "tough negotiators". Vice Premier He, speaking to reporters at China's mission to the World Trade Organisation, described the talks as "candid, in-depth and constructive" on issues of concern to both countries. "The meeting achieved substantial progress, and reached important consensus," He said, drawing applause from a large audience of Chinese officials present at the WTO office. The US and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalised as soon as possible, He added. The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Trump took office and launched a global tariff blitz, declaring a national emergency over the fentanyl crisis and imposing a 20 per cent tariff on Chinese goods in February. Trump followed with a 34 per cent "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $US600 billion ($A935 billion) in two-way trade to a standstill. China had insisted that tariffs be lowered in any talks. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific reduction target. Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and the result would address the national emergency that Trump declared over growing US trade deficits. "We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency," Greer said. Earlier on Sunday, White House economic adviser Kevin Hassett told Fox News more foreign trade deals could be coming with other countries as soon as this week. Last week's limited trade deal with Britain left 10 per cent US duties in place on many UK products. Hassett said he had been briefed by US Commerce Secretary Howard Lutnick on two dozen pending deals in development with Greer. "They all look a little bit like the UK deal but each one is bespoke," Hassett said. Overnight, Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated "a total reset ... in a friendly, but constructive, manner". The United States and China have ended high-stakes trade talks on a positive note, with US officials touting a "deal" to reduce the US trade deficit. Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Neither side released details after they wrapped up two days of talks in Switzerland. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday, local time. Vice Commerce Minister Li Chenggang said it would contain "good news for the world". US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday. In separate briefings with reporters, neither side mentioned any agreement to cut US tariffs of 145 per cent on Chinese goods and China's 125 per cent tariffs on US goods. Greer and Bessent took no questions from reporters. Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the $US1.2 trillion ($A1.9 trillion) US global goods trade deficit. "And this was, as the secretary pointed out, a very constructive two days," Greer said. "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said. The US trade chief called He, Li and Vice Finance Minister Liao Min "tough negotiators". Vice Premier He, speaking to reporters at China's mission to the World Trade Organisation, described the talks as "candid, in-depth and constructive" on issues of concern to both countries. "The meeting achieved substantial progress, and reached important consensus," He said, drawing applause from a large audience of Chinese officials present at the WTO office. The US and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalised as soon as possible, He added. The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Trump took office and launched a global tariff blitz, declaring a national emergency over the fentanyl crisis and imposing a 20 per cent tariff on Chinese goods in February. Trump followed with a 34 per cent "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $US600 billion ($A935 billion) in two-way trade to a standstill. China had insisted that tariffs be lowered in any talks. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific reduction target. Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and the result would address the national emergency that Trump declared over growing US trade deficits. "We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency," Greer said. Earlier on Sunday, White House economic adviser Kevin Hassett told Fox News more foreign trade deals could be coming with other countries as soon as this week. Last week's limited trade deal with Britain left 10 per cent US duties in place on many UK products. Hassett said he had been briefed by US Commerce Secretary Howard Lutnick on two dozen pending deals in development with Greer. "They all look a little bit like the UK deal but each one is bespoke," Hassett said. Overnight, Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated "a total reset ... in a friendly, but constructive, manner".
The Advertiser
11-05-2025
- Business
- The Advertiser
Trump hails China talks, says 'total reset' negotiated
US President Donald Trump has hailed talks with China in Switzerland, saying the two sides had negotiated "a total reset ... in a friendly, but constructive, manner". "A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform. "We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!" He did not elaborate on the progress. Earlier, top US and Chinese officials wrapped up the first day of talks in Geneva aimed at defusing a trade war that threatens to hammer the global economy and planned to resume negotiations on Sunday, a source close to the discussions said. Chinese 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 per cent on each other's goods. Neither side made any statements afterwards about the substance of the discussions nor signalled any specific progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the UN concluded at about 8pm local time on Saturday (4am Sunday AEST). Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by Trump's tariff blitz starting in February and retaliation from Beijing that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's villa, which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and American flags on their lapels. Bessent declined to speak to reporters. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. Washington is seeking to reduce its $US295 billion ($A460 billion) goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. It wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. China's official Xinhua News Agency said in a commentary on Saturday the United States' "reckless abuse of tariffs" had destabilised the global economic order, but added 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. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. US President Donald Trump has hailed talks with China in Switzerland, saying the two sides had negotiated "a total reset ... in a friendly, but constructive, manner". "A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform. "We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!" He did not elaborate on the progress. Earlier, top US and Chinese officials wrapped up the first day of talks in Geneva aimed at defusing a trade war that threatens to hammer the global economy and planned to resume negotiations on Sunday, a source close to the discussions said. Chinese 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 per cent on each other's goods. Neither side made any statements afterwards about the substance of the discussions nor signalled any specific progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the UN concluded at about 8pm local time on Saturday (4am Sunday AEST). Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by Trump's tariff blitz starting in February and retaliation from Beijing that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's villa, which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and American flags on their lapels. Bessent declined to speak to reporters. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. Washington is seeking to reduce its $US295 billion ($A460 billion) goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. It wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. China's official Xinhua News Agency said in a commentary on Saturday the United States' "reckless abuse of tariffs" had destabilised the global economic order, but added 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. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. US President Donald Trump has hailed talks with China in Switzerland, saying the two sides had negotiated "a total reset ... in a friendly, but constructive, manner". "A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform. "We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!" He did not elaborate on the progress. Earlier, top US and Chinese officials wrapped up the first day of talks in Geneva aimed at defusing a trade war that threatens to hammer the global economy and planned to resume negotiations on Sunday, a source close to the discussions said. Chinese 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 per cent on each other's goods. Neither side made any statements afterwards about the substance of the discussions nor signalled any specific progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the UN concluded at about 8pm local time on Saturday (4am Sunday AEST). Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by Trump's tariff blitz starting in February and retaliation from Beijing that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's villa, which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and American flags on their lapels. Bessent declined to speak to reporters. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. Washington is seeking to reduce its $US295 billion ($A460 billion) goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. It wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. China's official Xinhua News Agency said in a commentary on Saturday the United States' "reckless abuse of tariffs" had destabilised the global economic order, but added 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. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. US President Donald Trump has hailed talks with China in Switzerland, saying the two sides had negotiated "a total reset ... in a friendly, but constructive, manner". "A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform. "We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!" He did not elaborate on the progress. Earlier, top US and Chinese officials wrapped up the first day of talks in Geneva aimed at defusing a trade war that threatens to hammer the global economy and planned to resume negotiations on Sunday, a source close to the discussions said. Chinese 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 per cent on each other's goods. Neither side made any statements afterwards about the substance of the discussions nor signalled any specific progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the UN concluded at about 8pm local time on Saturday (4am Sunday AEST). Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by Trump's tariff blitz starting in February and retaliation from Beijing that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's villa, which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and American flags on their lapels. Bessent declined to speak to reporters. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. Washington is seeking to reduce its $US295 billion ($A460 billion) goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Beijing has pushed back against what it sees as external interference. It wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage. China's official Xinhua News Agency said in a commentary on Saturday the United States' "reckless abuse of tariffs" had destabilised the global economic order, but added 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. With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports.
The Advertiser
10-05-2025
- Business
- The Advertiser
US, China officials to resume talks over trade tensions
Top United States and Chinese officials have wrapped up the first day of talks in Switzerland aimed at defusing trade tensions and plan to resume negotiations on Sunday, a source close to the discussions says. Chinese Vice Premier He Lifeng met for about eight hours with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Geneva in their first face-to-face meeting since the world's two largest economies heaped tariffs well above 100 per cent on each other's goods. Neither side made any statements about the substance of the discussions nor signalled any progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the United Nations concluded about 8pm local time. Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by US President Donald Trump's tariff blitz starting in February and retaliation from China that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's building, the 18th-century "Villa Saladin," which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and US flags on their lapels. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. The US is seeking to reduce its $US295 billion goods trade deficit with China and to persuade Chinese officials to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Chinese authorities have pushed back against what they see as external interference. They want the United States to lower tariffs, clarify what it wants China to buy more of and treat it as an equal on the world stage. 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. With distrust running high, both sides have been keen not to appear weak and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Officials in Beijing said the United States requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that the US has given other countries as negotiations take place while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Swiss Economy Minister Guy Parmelin met both parties in Geneva on Friday and said the fact that the talks were taking place was already a success. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States. Top United States and Chinese officials have wrapped up the first day of talks in Switzerland aimed at defusing trade tensions and plan to resume negotiations on Sunday, a source close to the discussions says. Chinese Vice Premier He Lifeng met for about eight hours with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Geneva in their first face-to-face meeting since the world's two largest economies heaped tariffs well above 100 per cent on each other's goods. Neither side made any statements about the substance of the discussions nor signalled any progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the United Nations concluded about 8pm local time. Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by US President Donald Trump's tariff blitz starting in February and retaliation from China that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's building, the 18th-century "Villa Saladin," which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and US flags on their lapels. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. The US is seeking to reduce its $US295 billion goods trade deficit with China and to persuade Chinese officials to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Chinese authorities have pushed back against what they see as external interference. They want the United States to lower tariffs, clarify what it wants China to buy more of and treat it as an equal on the world stage. 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. With distrust running high, both sides have been keen not to appear weak and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Officials in Beijing said the United States requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that the US has given other countries as negotiations take place while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Swiss Economy Minister Guy Parmelin met both parties in Geneva on Friday and said the fact that the talks were taking place was already a success. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States. Top United States and Chinese officials have wrapped up the first day of talks in Switzerland aimed at defusing trade tensions and plan to resume negotiations on Sunday, a source close to the discussions says. Chinese Vice Premier He Lifeng met for about eight hours with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Geneva in their first face-to-face meeting since the world's two largest economies heaped tariffs well above 100 per cent on each other's goods. Neither side made any statements about the substance of the discussions nor signalled any progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the United Nations concluded about 8pm local time. Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by US President Donald Trump's tariff blitz starting in February and retaliation from China that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's building, the 18th-century "Villa Saladin," which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and US flags on their lapels. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. The US is seeking to reduce its $US295 billion goods trade deficit with China and to persuade Chinese officials to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Chinese authorities have pushed back against what they see as external interference. They want the United States to lower tariffs, clarify what it wants China to buy more of and treat it as an equal on the world stage. 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. With distrust running high, both sides have been keen not to appear weak and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Officials in Beijing said the United States requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that the US has given other countries as negotiations take place while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Swiss Economy Minister Guy Parmelin met both parties in Geneva on Friday and said the fact that the talks were taking place was already a success. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States. Top United States and Chinese officials have wrapped up the first day of talks in Switzerland aimed at defusing trade tensions and plan to resume negotiations on Sunday, a source close to the discussions says. Chinese Vice Premier He Lifeng met for about eight hours with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Geneva in their first face-to-face meeting since the world's two largest economies heaped tariffs well above 100 per cent on each other's goods. Neither side made any statements about the substance of the discussions nor signalled any progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the United Nations concluded about 8pm local time. Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by US President Donald Trump's tariff blitz starting in February and retaliation from China that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's building, the 18th-century "Villa Saladin," which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and US flags on their lapels. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. The US is seeking to reduce its $US295 billion goods trade deficit with China and to persuade Chinese officials to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Chinese authorities have pushed back against what they see as external interference. They want the United States to lower tariffs, clarify what it wants China to buy more of and treat it as an equal on the world stage. 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. With distrust running high, both sides have been keen not to appear weak and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Officials in Beijing said the United States requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that the US has given other countries as negotiations take place while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Swiss Economy Minister Guy Parmelin met both parties in Geneva on Friday and said the fact that the talks were taking place was already a success. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States.
West Australian
10-05-2025
- Business
- West Australian
US, China officials to resume talks over trade tensions
Top United States and Chinese officials have wrapped up the first day of talks in Switzerland aimed at defusing trade tensions and plan to resume negotiations on Sunday, a source close to the discussions says. Chinese Vice Premier He Lifeng met for about eight hours with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Geneva in their first face-to-face meeting since the world's two largest economies heaped tariffs well above 100 per cent on each other's goods. Neither side made any statements about the substance of the discussions nor signalled any progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the United Nations concluded about 8pm local time. Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by US President Donald Trump's tariff blitz starting in February and retaliation from China that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's building, the 18th-century "Villa Saladin," which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and US flags on their lapels. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. The US is seeking to reduce its $US295 billion goods trade deficit with China and to persuade Chinese officials to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Chinese authorities have pushed back against what they see as external interference. They want the United States to lower tariffs, clarify what it wants China to buy more of and treat it as an equal on the world stage. 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. With distrust running high, both sides have been keen not to appear weak and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Officials in Beijing said the United States requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that the US has given other countries as negotiations take place while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Swiss Economy Minister Guy Parmelin met both parties in Geneva on Friday and said the fact that 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. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States.
Perth Now
10-05-2025
- Business
- Perth Now
US, China officials to resume talks over trade tensions
Top United States and Chinese officials have wrapped up the first day of talks in Switzerland aimed at defusing trade tensions and plan to resume negotiations on Sunday, a source close to the discussions says. Chinese Vice Premier He Lifeng met for about eight hours with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Geneva in their first face-to-face meeting since the world's two largest economies heaped tariffs well above 100 per cent on each other's goods. Neither side made any statements about the substance of the discussions nor signalled any progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the United Nations concluded about 8pm local time. Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by US President Donald Trump's tariff blitz starting in February and retaliation from China that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill. The trade dispute, combined with Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn. The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's building, the 18th-century "Villa Saladin," which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny. Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and US flags on their lapels. At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine. The US is seeking to reduce its $US295 billion goods trade deficit with China and to persuade Chinese officials to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms. Chinese authorities have pushed back against what they see as external interference. They want the United States to lower tariffs, clarify what it wants China to buy more of and treat it as an equal on the world stage. 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. With distrust running high, both sides have been keen not to appear weak and economic analysts have low expectations of a breakthrough. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports. He has suggested the discussions were initiated by China. Officials in Beijing said the United States requested the discussions and that China's policy of opposing US tariffs had not changed. China could be looking for the same 90-day waiver on tariffs that the US has given other countries as negotiations take place while any kind of tariff reduction and follow-up talks would be seen as positive by investors. Swiss Economy Minister Guy Parmelin met both parties in Geneva on Friday and said the fact that 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. Switzerland helped to broker the meeting during recent visits by Swiss politicians to China and the United States.
