An official told Associated Press that the sensitive talks between us and the Chinese delegations on the definitions threatening to raise the global economy ended after a day of the lengthy negotiations and will resume on Sunday.
There was no immediate indicator on whether Saturday’s progress was made during the meeting over 10 hours between Treasury Secretary Scott Bessin, American Trade Representative, Jameson Jarir, and a delegation led by Chinese Deputy Prime Minister is Lifeng.
The official, who spoke to AP, asked not to be identified due to the sensitivity of the talks, which could help stabilize the global markets by confronting the United States of China. The conversations were reserved in secrecy, and none of the two sides made comments on the correspondents on their way out.
Several convoys of black vehicles left the residence of the Swiss ambassador to the United Nations in Geneva, which hosted talks aimed at canceling trade tensions between the largest economists in the world. Diplomats from both sides also confirmed that the talks occurred.
On Saturday’s talks were held at the “Villa of Silic” in the eighteenth century overlooking the Geneva Lake. The former property was inherited to the Swiss state in 1973, according to the Geneva government.
Horizons for a great achievement showing dim. But there is hope that the two countries will expand the massive taxes-definitions-have slapped each other, a step that would reduce financial markets and global companies on both sides of the Pacific Ocean that depends on the trade of the United States of China.
Last month, US President Donald Trump raised the US tariff for ChinaTo 145 % combinedChina fell by hitting US imports by imposing 125 %. The definitions that rise mainly to boycott the countries that cross each other’s products, which led to the disruption of trade, which amounted to 660 billion dollars last year.
Even before the talks began, Trump suggested on Friday that the United States could reduce its tariff for China, saying in fact a social position. “80 % tariff looks correct! It reaches Scott. ″
Sun Yun, director of the China Program at the Stimson Center, indicated that it will be the first time that he and Bessent have spoken. It suspects that the Geneva meeting will lead to fundamental results.
“The best scenario is that the two sides agree to cancel the escalation on … definitions at the same time,” she said, adding that a small discount will send a positive signal. “It cannot be just words.”
Since his return to the White House in JanuaryFavorite economic weapon. He has, for example,Imposing a 10 % tax on importsAlmost every country in the world.
But the battle with China was the most intense. The customs tariffs on China include a 20 % cost aimed at pressing Beijing to make more effort to stop the artificial phonetane flow to the United States. The remaining 125 % includes a conflict dating back to the first period of Trump and comes above the definitions imposed on China at the time, which means that the total customs tariff on some Chinese goods can exceed 145 %.
During the first period of Trump, the United States claimed that China used unfair tactics to give itself an advantage in advanced technologies such as quantum computing and driver without driver. This includes forcing the United States and other foreign companies to hand over commercial secrets in exchange for reaching the Chinese market; Using government funds to support local technology companies; And an explicit theft of sensitive techniques.
These issues were not completely resolved. Nearly two years of negotiation, the United States and China reached an agreement for the so -called first stage in January 2020. The United States agreed not to proceed with the high tariffs in China, and Beijing agreed to purchase more American products. Difficult issues – such as China’s subsidies – have been left for future negotiations.
But China did not reach the promised purchases, partly because Covid-19 disrupted world trade after announcing the first stage of the truce.
Fighting on Chinese technical policy is now resuming.
Trump also raises the massive trade deficit in America with China, which reached 263 billion dollars last year.
Trump slaps the huge definitions on Switzerland
On Switzerland on Friday, Bessin and Jarir also met with Swiss President Karen Keeler Strip.
Trump last monthSuspendedTo slap the huge definitions by 31 % on Swiss goods – more than 20 % of the fees that they exported from the European Union. Currently, he reduced these taxes to 10 % but could raise them again.
The government in Bern follows a cautious approach. But he warned against influencing decisive Swiss industries such as watches, coffee capsules, cheese and chocolate.
The government said last week: “The increase in commercial tensions is not in the interests of Switzerland. The anti -customary tariff measures will require the costs of the Swiss economy, especially by making imports from the United States more expensive,” adding that the executive branch “so does not plan to impose any counter -measure at the present time.”
The government said that Swiss exports to the United States on Saturday are subject to an additional 10 % tariff, and another 21 % start on Wednesday.
The United States is the second largest commercial partner in Switzerland after the 27 -member bloc in Block, which is almost surrounding the country of wealthy Alps, over the age of 9 million. The government said that the United States trade in goods and services has erupted over the past two decades.
The Swiss government said that Switzerland canceled all industrial tariffs on January 1 of last year, which means 99 % of all commodities from the United States to Switzerland can be imported from the fees.
This story was originally shown on Fortune.com
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