U.S. And China Made Substantial Progress In Tariff Talks, Bessent Says
3 minute readPublished: Sunday, May 11, 2025 at 4:28 pm
US and China Make Progress in Tariff Talks, Details Expected Monday
Geneva, Switzerland - The United States and China appear to be making headway in resolving their ongoing trade dispute, according to U.S. Treasury Secretary Scott Bessent. Following talks in Geneva on Sunday, Bessent reported "substantial progress" in discussions aimed at diffusing the trade war, which has seen escalating tariffs between the two economic giants.
The meetings, which concluded on Sunday, involved Bessent, U.S. Trade Representative Jamieson Greer, Chinese Vice Premier He Lifeng, and two Chinese vice ministers. While specific details remain under wraps, Bessent indicated a full briefing will be provided on Monday morning.
The backdrop to these talks is a tense trade environment. President Donald Trump last month announced tariffs of 145% against China. China, in turn, has implemented a 125% tariff rate on U.S. imports. Prior to the meetings, Trump hinted at a potential reduction in tariffs, suggesting an 80% rate on China in a social media post.
The weekend's discussions marked the first meeting between U.S. and Chinese economic officials since the trade war began earlier this year. The stakes are high, given China's significant trade surplus with the U.S. Last year, China exported $143.5 billion worth of goods to the U.S., resulting in a $295 billion trade surplus.
BNN's Perspective: While any progress toward de-escalating trade tensions is welcome, the volatility of the situation remains a concern. The potential for significant tariff reductions is encouraging, but the details of any agreement will be crucial. A balanced approach that protects American interests while fostering a stable trade relationship with China is essential for long-term economic stability.
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