Featured

Trump Strikes Trade Breakthrough With China After Tariff Showdown [WATCH]

admin
May 12, 2025
0Points
0
0
Trump Strikes Trade Breakthrough With China After Tariff Showdown [WATCH]

U.S. and Chinese officials reached an initial agreement over the weekend aimed at easing the ongoing trade war between the two largest global economies, according to senior officials from the Trump administration.

The discussions took place in Geneva, Switzerland, where both delegations met to negotiate a path forward following months of tariff escalations and strained relations.

U.S. Trade Representative Jamieson Greer confirmed Sunday that a deal had been struck with China during the two-day negotiation period but stopped short of providing specific terms.

Trump’s Sovereign Wealth Fund: What Could It Mean For Your Money?

Full details of the agreement are expected to be released on Monday.

“The U.S. has a massive $1.2 trillion trade deficit, so the President declared a national emergency,” Greer said.

“We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency.”

This Could Be the Most Important Video Gun Owners Watch All Year

Greer was joined by Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng at the Geneva talks, which focused heavily on the impact of the steep tariffs implemented by both nations.

President Donald Trump had imposed tariffs of up to 145% on a range of Chinese imports, citing concerns over fentanyl exports, intellectual property theft, currency manipulation, and forced technology transfers. China responded with its own retaliatory tariffs on American exports.

Bessent described the meetings as “productive,” indicating progress had been made in narrowing the gaps between both sides.

This weekend’s agreement follows the Trump administration’s announcement last week of a trade deal framework with the United Kingdom.

The administration has been pursuing a rapid series of bilateral agreements as part of its broader effort to overhaul the global trade system and reduce longstanding deficits.

China, which is the United States’ third-largest trading partner, has frequently drawn scrutiny from the Trump administration for its economic practices.

U.S. officials have pointed to the export of illicit fentanyl, the estimated $225 billion to $600 billion in annual intellectual property theft, and other issues as major obstacles in U.S.-China relations.

In 2024, the U.S. posted a $295.4 billion trade deficit with China.

President Trump had previously enacted a 20% tariff targeting Chinese imports during his second term in an effort to secure commitments on the fentanyl crisis.

The administration later introduced “reciprocal” tariffs on April 2 during a Rose Garden event, branding the move “Liberation Day.”

The measure led to swift retaliation from Beijing and roiled global financial markets.

Markets reacted negatively to the announcement, with widespread uncertainty over the scope and structure of the tariffs.

The resulting turmoil disrupted the “Trump bump” that markets had experienced since his re-election in November.

However, just days after those tariffs took effect on April 10, the administration issued a 90-day pause to provide foreign governments with a window to enter into negotiations.

That pause led to accelerated diplomatic activity, especially among countries like Vietnam and Japan, which quickly opened discussions with the U.S.

Until now, China had resisted engaging in formal negotiations.

The Geneva meetings marked a turning point in that stance, with officials on both sides reporting constructive dialogue.

“It’s important to understand how quickly we were able to come to [an] agreement, which reflects that perhaps the differences were not so large as maybe thought,” Greer said.

“There was a lot of groundwork that went into these two days.”

President Trump also weighed in on the progress, posting on Saturday that “GREAT PROGRESS MADE” had been achieved in the discussions with Chinese officials.

The administration is facing a self-imposed July 8 deadline to finalize trade agreements with key partners before imposing further customized tariff hikes.

With time running short, Trump officials are intensifying negotiations worldwide to resolve ongoing disputes before additional trade penalties take effect.

Connect with Vetted Off-Duty Cops to Instantly Fulfill Your Security Needs



Source link

admin

Related Posts

1 of 217
Copyright © 2025 right2024 - .
Copyright © 2025 right2024 - .