China says important consensus has been achieved
The United States and China ended high -risk trade negotiations with a positive note on Sunday, with US officials promoting a “agreement” to reduce US commercial deficit, while Chinese authorities said the sides have reached “important consensus” and agreed to launch another new economic dialogue forum.
Neither party released details after the closing of two days of negotiations in Switzerland. Chinese vice-minister, he Lifeng, said a joint statement would be released in Geneva on Monday. The Deputy Minister of Commerce, Li Chenggang, said the statement would contain “good news for the world.”
US Treasury Secretary Scott Bessent and commercial representative Jamieson Greer described “substantial progress” and also said the details would be announced on Monday.
In separated reports with reporters, neither sides mentioned any agreement to cut 145% US tariffs on Chinese products and 125% China tariffs on American products.
Greer and Bessent did not answer questions from reporters. The US Treasure Chief had previously said that these tariffs are equivalent to a commercial embargo between the world’s two largest economies and need to be “reduced.”
Financial markets are aware of signs of an improvement in bitter US and China trade war, which has already begun to interrupt supply chains, provoke layoffs, and increase wholesale prices.
Greer described the conclusion of Geneva meetings as “an agreement we have closed with our Chinese partners” that will help reduce the US $ 1.2 trillion global commercial commercial deficit.
“And these were, as the secretary highlighted, two very constructive days,” said Greer. “It is important to understand how quickly we were able to reach an agreement, which reflects that the differences were not as big as they thought,” said Greer.
The US business chief called HE, Li and the Deputy Minister of Finance, Liao Min, “hard negotiators.”
Deputy Prime Minister He, speaking to reporters on China’s mission at the World Trade Organization, described conversations as “sincere, deep and constructive” about issues of interest to both countries.
“The meeting has achieved substantial progress and came to an important consensus,” he said, pulling applause from a large audience of Chinese authorities in the WTO office.
He also met with WTO Director-General Ngozi Okonjo-Iweala, who said he was “pleased with the positive result” and asked the two countries to take the opportunity to mitigate commercial tensions.
The WTO has decided on Trump’s previous rates on Chinese products, but the cases are paralyzed at the WTO appeal agency, paralyzed due to the blocking of US judges.
New consultation platform
The US and China agreed to establish a new consultation mechanism for commercial and economic issues, with relevant details to be finished as soon as possible, he added.
China and the US have summoned various consultation bodies to try to resolve trade and economic differences in recent decades, including the economic working group that former President Joe Biden’s treasure secretary Janet Yellen has established with Deputy Deputy HE in 2023.
These dialogues have provided forums to expose bilateral complaints, but did little to promote Washington’s longtime goal to change the state -dominated Chinese economic model and focused on export to a model driven by consumer spending.
First meeting
The meeting was the first face -to -face interaction between high economic employees in the US and China since Trump took office and launched a global tariff offensive, declaring a national emergency due to the US fentanyl crisis and imposing a 20% tariff on Chinese products in February.
Trump continued a 34% “reciprocal” rate on Chinese imports in April, and subsequent rounds raised three -digit rates, paralyzing nearly $ 600 billion in bilateral trade.
China insisted that tariffs were reduced in any negotiation. Trump said on Friday that a 80% rate on Chinese products “looks correct”, suggesting for the first time a specific reduction target.
Greer said a lot of preliminary work was done before Geneva meetings on Saturday and Sunday, and that the result would address Trump’s national emergency emergence about the growing US commercial deficits.
“We are confident that the agreement we have closed with our Chinese partners will help us work to solve this national emergency,” Greer said.
A White House press release that simply repeated the brief comments of Bessent and Greer, without details, brought the headline: “US announces trade agreement with China in Geneva.”
More tariff offers
Earlier on Sunday, White House Economic Counselor Kevin Hassett said the Chinese were “very, very anxious” to get involved in discussions and rebalance business with the US.
Hassett also told Fox News’s Sunday Morning Futures that more foreign trade agreements can be signed with other countries later this week. Last week’s Limited Commercial Agreement with the United Kingdom kept 10% American tariffs over many British products.
Hassett said he was informed by US Secretary of Commerce, Howard Lutnick, about two dozens of developing developing agreements with US Commerce Representative, Greer.
“They all look a bit like the UK agreement, but each is personalized,” said Hassett.
During the night, Trump made a positive reading of the negotiations, saying on his social media platform that both sides had negotiated “a total reboot … in a friendly but constructive way.”
Village with gate
The teams met in the closed village of the Swiss ambassador on the UN, overlooking Lake Geneva, in Colongy’s suburb. Black mercedes vans with sirens circulated from and to the place, bathed by the bright sun.
Neutral Switzerland was chosen as headquarters after approaches of Swiss politicians in recent visits to China and the US.
Washington is trying to reduce his $ 295 billion commercial deficit with Beijing and persuade China to renounce what Washington calls a mercantilist economic model, a change that would require politically sensitive internal reforms.
Originally published by Reuters on 11/05/2025
By Emma Farge and John Revill
Report: Emma Farge and John Revill in Geneva
Additional Report: Ryan Woo in Beijing and Ryan Patrick Jones in Toronto
Writing: David Lawder
Edition: Kevin Liffey, Elaine Hardcastle, David Holmes, Bill and David Gregorio
Source: https://www.ocafezinho.com/2025/05/11/eua-e-china-elogiam-negociacoes-comerciais-construtivas-em-genebra/
