Mon May 12 07:10:00 UTC 2025: ## US and China Make “Significant Progress” in Trade Talks, Officials Say
Geneva – High-level US and Chinese officials concluded two days of secret talks in Geneva, marking the first face-to-face negotiations since a significant escalation of tariffs between the two countries. Both sides described the meetings as productive and constructive, signaling potential progress in easing trade tensions.
US Treasury Secretary Scott Bessent called the talks “productive and constructive,” while Chinese Vice Premier He Lifeng described them as “in-depth” and “candid.” US Trade Representative Jamieson Greer added that agreements reached would help reduce the US’s $1.2 trillion trade deficit.
Following the meetings, Mr. Bessent stated that “significant progress” had been made in mitigating the trade war. Mr. He echoed this sentiment, emphasizing the importance of the talks for both nations and global economic stability. World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala also hailed the discussions as an “important step forward,” urging both countries to build on this momentum.
The talks follow a recent escalation of the trade war, with the US imposing tariffs of up to 145% on some Chinese goods and China retaliating with 125% tariffs on certain US products. While President Trump lauded the talks as “very good” and a “full reboot” of relations, the White House previously stated that the US would not unilaterally lower tariffs, demanding concessions from China. Similarly, China had called for tariff reductions from the US, while US officials emphasized the goal was to “de-escalate,” not reach a comprehensive trade deal.
Chinese state media reported that Beijing’s decision to engage followed careful consideration of global expectations, national interests, and the concerns of US businesses. The impact of US tariffs on Chinese exporters has been significant, with some companies reporting large stockpiles of unsold goods. The US economy meanwhile contracted by 0.3% in the first quarter of this year.
Despite the positive statements from officials, the underlying tensions remain. The recent discussions follow President Trump’s announcement of uniform baseline tariffs on all imports and higher rates on designated “serious offenders,” including China and the EU. Further, he imposed additional tariffs on steel, aluminum, automobiles, and auto parts. Last week, the US and UK reached a deal to lower auto tariffs from 25% to 10%, but this only applies to a limited number of vehicles.
First Piper 