President Donald Trump announced significant progress in trade talks with China during a meeting in Switzerland over the weekend. He described the discussions as a "total reset" in U.S.-China trade relations, expressing optimism about the outcomes.
Trump made these remarks on Saturday evening after U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with Chinese officials. In a post on Truth Social, Trump stated, “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to.” He emphasized the need for China to open up to American businesses, declaring that "great progress" had been made.
The backdrop to these talks includes a tense trade environment. Recently, the U.S. raised tariffs on Chinese goods to 145%, prompting China to retaliate with its own tariffs of 125% on U.S. products. This trade war has caused significant economic strain for both countries.
As the negotiations unfolded, Trump hinted that Bessent might have room to negotiate lower tariff rates. He suggested an 80% tariff on China, indicating his administration’s ongoing hardline stance.
China’s delegation was led by Vice Premier He Lifeng, and included key officials such as Minister of Public Security Wang Xiaohong. This group is seen as crucial in addressing U.S. concerns, particularly regarding China’s involvement in the fentanyl trade.
The Trump administration has also been busy negotiating trade deals with other countries, including India, South Korea, and Japan. Last week, they announced a new trade framework with the United Kingdom, aiming to reduce tariffs and create new export opportunities for American farmers and businesses.
Trump emphasized that economic security is tied to national security, highlighting the importance of a strong industrial base and protective measures for critical technologies and industries, especially steel.
As the negotiations continue, both nations are hopeful that these discussions will lead to a more favorable trade environment, benefiting both the U.S. and China.