President Trump claims a “total reset” in U.S.-China trade talks, suggesting potential tariff reductions. High-stakes negotiations are ongoing, with officials meeting in Switzerland. China’s Xinhua labeled talks as crucial for resolving disputes, but no deal has emerged yet.
In a significant announcement, President Donald Trump has proclaimed that the United States and China have undergone a “total reset” in their economic relationship, amidst ongoing trade discussions. The remarks come following a series of aggressive tariffs that have contributed to escalating tensions between the two nations, which are the world’s two largest economies.
As the two sides engage in high-stakes negotiations this weekend, Trump expressed optimism about the talks, which have been tense for weeks. He shared his thoughts on Truth Social, stating, “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.” Trump emphasized the importance of America having greater access to Chinese markets for the mutual benefit of both countries.
Despite the president’s optimistic tone, there has been no official outline of the negotiations released by either side. China’s state-run news agency, Xinhua, characterized Saturday’s discussions as “an important step toward resolving the dispute.” Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer were part of the American delegation aiming to negotiate a resolution.
The lengthy Saturday meeting lasted around eight hours, as reported by the Wall Street Journal, yet no deal was finalized, with talks set to continue on Sunday. The implications of the tariffs have led to substantial consequences on both sides; Trump has imposed steep tariffs of 145 percent on Chinese goods while China has reciprocated with tariffs of 125 percent on U.S. imports.
China is a major supplier of electronics, toys, textiles, and furniture to the United States, while also sourcing grains and oilseeds from American farmers. However, in a notable shift, Trump recently indicated that he might consider lowering these tariffs, suggesting they could drop to 80 percent.
In addition, Commerce Secretary Howard Lutnick mentioned during an interview on Fox News that Trump could potentially settle on a more moderate tariff rate of approximately 34 percent, which was initially discussed in April. This development signals a possible thaw in the relations between the two nations, although the path ahead remains to be clarified.
President Trump’s announcement of a ‘total reset’ in U.S.-China trade relations conveys optimism amidst tense negotiations. While the discussions indicate a willingness to improve ties and potentially lower tariffs, concrete agreements remain elusive as the parties continue their talks. The broader implications of these high-stakes negotiations could significantly affect the global economy and trade dynamics.
Original Source: ca.news.yahoo.com
