The US Treasury Secretary, Scott Bessent, and the US Trade Representative, Jamieson Greer, appear after the latest round of negotiations in GenevaValentin FlauraudAFP
The US and China delegations concluded two days of "productive" trade discussions in Geneva, Switzerland, on Sunday, marking the first high-level meeting between the two countries since US President Donald Trump declared a trade war against the Asian giant last month.
US Treasury Secretary and representative, Scott Bessent, informed the media that he will provide a detailed account of the negotiations on Monday, characterized by their "high level of productivity" and "substantial progress", as reported by Fox News and echoed by Europa Press.
Bessent also appreciated the "interest" shown by his counterparts, starting with Chinese Vice Premier, He Lifeng, head of the Beijing delegation.
The trade dispute was triggered by the US President last month when he announced widespread tariffs on almost all countries worldwide, which are now subject to a 90-day suspension during the negotiations.
China may be seeking the same 90-day exemption, as well as a reduction in the 145% tariff. In this regard, Trump suggested last Friday that it could be reduced to 80%, leaving the decision in the hands of his Treasury Secretary.
Before the end of the meetings, the other major spokesperson for White House economic policy, Commerce Secretary Howard Lutnick, expressed optimism on CNN.
"They felt good yesterday, and that was really encouraging," said the US government official as reported by Efe.
The Commerce Secretary added that Trump aims to balance the trade deficit with his tariffs. "The US has a trade deficit of $1.2 trillion. That means other countries sell more US products than we do. And that's just not balanced. It's not fair. We lose $1.2 trillion a year, of which, directly and indirectly, to China, that's about a trillion," he said.
However, figures from the US Trade Representative's Office do not support that claim. The total US goods trade with China was around$582.4 billion in 2024. Exports to China were $143.5 billion, 2.9% less than in 2023, and imports totaled $438.9 billion, 2.8% more than in 2023.
In total, the US goods trade deficit with China was $295.4 billion last year.
"Our expectation is that these countries will open their markets and reduce their tariffs. Our ability to export and grow our economy will be better than ever."
Lutnick reiterated that while they will address each country's specific issues, they do not plan to go below that 10% baseline. "We expect to maintain a basic tariff of 10% in the foreseeable future," he concluded.