PRESIDENT Donald Trump said “great progress” is being made in ongoing US-China talks over tariffs menacing the global economy, and even suggested a “total reset” is on the table as tariff negotiations continue in Switzerland.
No major breakthrough was announced in discussions that lasted over 10 hours on Saturday between US officials, including Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer, and a delegation led by Chinese Vice-Premier He Lifeng.
Still, Trump struck an upbeat tone.
“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,” the president wrote on his Truth Social platform. “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!!!”
He gave no further details, and officials at the White House also offered little information during and after the opening day of discussions.
Several convoys of black vehicles left the residence of the Swiss ambassador to the United Nations in Geneva, which hosted the talks aimed at de-escalating trade tensions between the world’s two biggest economies.
The opening day of negotiations were held in the sumptuous 18th-century “Villa Saladin” overlooking Lake Geneva. The former estate was bequeathed to the Swiss state in 1973, according to the Geneva government.
Trump’s assessment aside, prospects for a major breakthrough appeared dim when the talks opened. Still, there is hope that the two countries will scale back the massive taxes – tariffs – they have slapped on each other’s goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on US-China trade.
Trump last month raised US tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries’ boycotting each other’s products.
Sun Yun, director of the China programme at the Stimson Center, noted it will be the first time He and Bessent have talked. She doubts the Geneva meeting will produce any substantive results.
“The best scenario is for the two sides to agree to de-escalate on the ... tariffs at the same time,” she said, adding even a small reduction would send a positive signal. “It cannot just be words.”
Since returning to the White House in January, Trump has aggressively used tariffs as his favourite economic weapon. He has, for example, imposed a 10% tax on imports from almost every country in the world.
But the fight with China has been the most intense. His tariffs on China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States.
The remaining 125% involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%. — AP
