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The United States and China have taken a significant step toward easing trade tensions, reaching “substantial progress” and “important consensus” during high-level talks in Geneva over the weekend. Chinese Vice Premier He Lifeng, who led the Chinese delegation, described the discussions with his American counterparts, including Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, as “candid, in-depth and constructive.”
In a statement after the meetings, He Lifeng said the two sides agreed to establish a "trade consultation mechanism" to facilitate future discussions and address outstanding trade issues.
This mechanism aims to provide a stable framework for dialogue between the world's two largest economies, which are engaged in a tense trade conflict, fueled by high tariffs imposed by the administration of US President Donald Trump, including a 145% tariff on Chinese imports.
Secretary Bessent expressed optimism about the process, saying that “the Chinese want to make a deal” and that easing tensions is the first step toward a broader trade deal. President Trump also stated that there is a “good chance” of a deal, signaling a more favorable tone compared to previous tough rhetoric.
However, China's Commerce Ministry warned that negotiations must be conducted without "blackmail and threats," urging the U.S. to show "sincerity" and take steps to roll back unilateral tariffs. China, which is facing economic challenges such as deflation and a real estate crisis, has denied that it is pushing for negotiations, insisting that Washington take the first step.
Full details of the deal are expected to be announced in the coming days, as global markets await further developments with interest. For now, this progress offers new hope for stabilizing economic relations between the US and China, with broad implications for the global economy.
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