By John Meyer, consultant in financial affairs – Eurasia Business News, May 11, 2025. Article No 1518.
U.S. Treasury Secretary Scott Bessent described the recent U.S.-China trade talks in Geneva as “productive” and stated that “substantial progress” had been made toward de-escalating the ongoing trade war between the two countries. However, Bessent did not provide any specific details about the agreements or concessions reached during the discussions, promising instead that a comprehensive briefing would be given on Monday.
Trade talks in Geneva
The discussions were held in Geneva over two days, involving high-level officials from both nations, including China’s Vice Premier He Lifeng and U.S. Trade Representative Jamieson Greer.
Both sides characterized the talks as constructive, with Bessent and Greer noting that the differences between the two countries were perhaps not as significant as previously believed.
Context
The talks followed a period of heightened tensions, with the U.S. imposing tariffs of 145% on Chinese imports and China retaliating with 125% tariffs on U.S. goods.
The trade conflict has caused economic uncertainty, affecting global markets and raising concerns about supply chains and consumer prices.
Statements from U.S. Officials
Bessent: “I’m pleased to announce that we’ve made significant strides in the crucial trade discussions between the United States and China… there will be a full briefing tomorrow morning”.
Greer: Emphasized the speed and constructiveness of the negotiations, suggesting that an agreement had been reached, but without elaborating on specifics.
Vice Premier of the State Council of China He Lifeng also reported progress in the negotiations. According to him, in the future, the groups of negotiators between the United States and China on tariffs will be in regular contact. When asked by journalists about the possible reaction of exchanges to the publication of the final communiqué, he said that its content would be good news for the whole world.
Lack of Specifics
Despite the optimistic tone, neither Bessent nor other officials disclosed concrete details about any agreements, changes to tariffs, or steps forward. All promised further information would be provided at a later date, specifically on Monday.
The White House and other administration officials echoed this stance, highlighting progress but withholding particulars until the official briefing.
Bessent’s remarks indicate that the U.S.-China trade talks were considered “productive” and resulted in “substantial progress,” but as of Sunday, no specific details about the outcomes or agreements have been made public. A more detailed announcement is expected on Monday.
China has quietly exempted in late April certain U.S.-made products from its steep retaliatory tariffs, particularly those goods for which it lacks domestic alternatives or substitutes. This includes various semiconductors, chip manufacturing machinery, medical supplies, aviation components such as jet engines and landing gear, and some chemicals including ethane used in petrochemical production.
Read also : Gold : Build Your Wealth and Freedom
The exemptions come after China imposed a 125% tariff on many U.S. goods in response to the U.S. raising tariffs on Chinese products to 145%. Despite the high tariffs, Beijing has been canvassing companies to identify critical goods that should be exempt from these duties to avoid harming its own industries that depend on these imports.
You like reading our articles ?
Join our community of 150,000 readers!
Subscribe to our Telegram channel
Follow us on Telegram, Facebook and Twitter
© Copyright 2025 – Eurasia Business News. Article no. 1518.
Eurasia Business News 