US-China Trade Tensions: Hope for De-escalation in Geneva Meeting
US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will meet in Geneva with Chinese officials, led by Vice Premier He Lifeng, to discuss de-escalating trade tensions. Although major breakthroughs are unlikely, there's hope for reduced tariffs amid the ongoing trade dispute between the US and China.
- Country:
- Switzerland
Geneva will host pivotal trade discussions this weekend, as US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer meet with China's Vice Premier He Lifeng. The aim is to ease the trade conflict threatening economic ties between two leading global economies.
The high tariffs each country has imposed—145% by the US and 125% by China—have essentially led to a boycott of each other's products, disrupting trade valued at $660 billion last year. A modest de-escalation could benefit global financial markets and companies reliant on US-China trade relations.
While a significant resolution seems unlikely, it's hoped that both sides will agree to some reduction in tariffs. Switzerland also finds itself amidst trade tension discussions, with US tariffs on Swiss goods potentially impacting core industries. The talks in Geneva are watched closely by international stakeholders.
(With inputs from agencies.)
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