“It is important to appreciate how quickly we managed to reach an agreement, which reflects that the differences may not be as great as it seemed” – Greer told journalists after the second day of talks in Geneva.
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Bessent and Greer have announced that they will give more details the next day – emphasized the Bloomberg agency.
Delegations were presided over by Bessent and Deputy Prime Minister Chin He Lifeng. It was their first direct meeting since the commencement of the trade war. As a result, President Donald Trump increased several times for the products imported from China and the following Chinese retorts of the American duties currently reach 145 percent, and customs imposed by Beijing on exports from the USA – 125 percent.
Washington tries to reduce its $ 295 billion. A deficit in trade with Beijing and convince China to modify the economic model, which would consist of, among others on the Beijing increase of internal consumption – reminded the Reuters agency. China is opposed to external interference. They expect Washington to lower the duties. They also hope that the US will clearly define goods that they would like to export to China. Finally, they demand that the US treat them as an equal partner.
Bloomberg noticed that traders warned Trump's administration, that the result of persistent high tariffs would be deficiencies on the market and shocks in the supply chain.
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Significant progress in the US conversations with China also confirmed by US President Donald Trump on the Truth Social platform.
The US and China have a trade agreement up his sleeve, which was signed at the end of Trump's first term in 2020 – the agency reminded. As part of that agreement, Beijing has undertaken to buy additional goods and services from the United States worth over $ 200 billion and the opening of his market for the American sector of agriculture and financial services.
Trump repeatedly criticized Biden's administration, claiming that he did not enforce the contract after China did not keep their promises.
