US-China Trade Talks Herald 'Total Reset' with Tariffs Paused

In a significant breakthrough from trade discussions in Geneva, the United States and China have committed to withdraw reciprocal tariffs for a 90-day period. US President Donald Trump lauded the development as a 'total reset' in bilateral relations, describing the talks as amicable and the relationship as 'very, very good.'

During a White House press briefing, Trump stated, 'The talks in Geneva were very friendly, the relationship is very good. We are not looking to hurt China. China has been suffering severe unrest and closures of factories. They welcomed the chance to work with us, strengthening our very good relationship.' He hinted at a potential call with Chinese President Xi Jinping by week's end.

A joint statement highlighted the mutual benefits of a strong economic and trade relationship between the two nations, which are crucial for both countries and the global economy. Alongside the 90-day tariff pause, China has set tariffs at 10% on US goods, while the US imposes 30% on Chinese goods, pending further discussions.

The two countries agreed to create a framework for ongoing dialogue, led by China's Vice Premier He Lifeng and US representatives Scott Bessent and Jamieson Greer. Talks may take place alternately in either country or a mutually agreed upon third location, as stipulated in the joint statement. Working-level consultations could also be held as needed.

Previously, President Trump had enacted tariffs on countries with which the US had trade deficits, including a potential 245% on China. However, a global dialogue initiated a 90-day lift starting April 9, during which he enforced a baseline 10% tariff uniformly.

Trump's consistent call for tariff reciprocity, a key policy since his re-election, emphasizes equal matching of tariffs by the United States to ensure balanced trade, impacting various nations, including India.

(With inputs from agencies.)