US and Chinese officials meet in Geneva to discuss tariffs

Published: Saturday, May 10, 2025 at 4:43 am

**US and China Face Off in Geneva: High-Stakes Trade Talks Underway**

Geneva is hosting a crucial meeting this weekend as US and Chinese officials attempt to navigate a tense trade dispute that threatens to destabilize the global economy. Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are meeting with a Chinese delegation led by Vice Premier He Lifeng. The primary goal is to de-escalate the escalating tariff war between the world's two largest economies.

The situation is dire. President Donald Trump has significantly increased US tariffs on Chinese goods, reaching a combined 145% in some cases. China has retaliated with its own tariffs, creating a trade standoff that has disrupted over $660 billion in trade last year. While a major breakthrough is unlikely, there's hope for a reduction in tariffs, which would provide relief to financial markets and businesses reliant on US-China trade. Trump, in a recent social media post, hinted at a possible tariff reduction, stating "80% Tariff seems right! Up to Scott."

The core of the dispute involves China's trade practices, including alleged unfair tactics in advanced technologies, such as forcing technology transfers and subsidizing domestic firms. These issues were partially addressed in a "Phase One" agreement in 2020, but the COVID-19 pandemic disrupted its implementation. The US also aims to address its massive trade deficit with China, which reached $263 billion last year.

Adding another layer of complexity, Bessent and Greer are also scheduled to meet with Swiss President Karin Keller-Sutter. The US recently suspended plans to impose tariffs on Swiss goods, but the Swiss government is wary of the potential impact on its key industries.

BNN's Perspective: The current trade tensions are a serious concern. While the US has legitimate grievances regarding China's trade practices, escalating tariffs are a blunt instrument that harms both economies. A moderate approach, focusing on targeted negotiations and phased reductions in tariffs, is essential to avoid a full-blown trade war that would negatively impact global growth and stability. Finding common ground and a path toward fairer trade practices is crucial for the long-term health of the global economy.

Keywords: US China trade, tariffs, Geneva talks, Scott Bessent, Jamieson Greer, He Lifeng, Donald Trump, trade war, China tariffs, US tariffs, trade deficit, Swiss trade, global economy, trade negotiations, trade dispute, Phase One agreement, China trade practices, unfair trade practices, trade secrets, technology transfer, Swiss tariffs

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