US economic officials met Saturday in Geneva with their Chinese counterparts for the start of high-stakes negotiations to resolve the trade war that’s upended the global economy.
The talks between Chinese Vice Premier He Lifeng and Treasury Secretary Scott Bessent are expected to continue Sunday, and are the first between the two nations since President Trump bumped tariffs on Chinese imports to 145%.,and the communist nation retaliated by slapping a 125% tariff on US-made goods.
Bessent, along with US Trade Representative Jamieson Greer — both in red ties — were spotted leaving their hotel Saturday morning on their way to the talks, which are being held in an undisclosed location. Talks resumed in the afternoon.
Trump floated lowering the 145% rate to 80% in a Truth Social post on Friday — but said he’d let Bessent decide during the talks.
“China should open up its market to USA — would be so good for them!!! Closed markets don’t work anymore!!!” Trump wrote.
“80% Tariff on China seems right! Up to Scott B,” he added.
White House press secretary Karoline Leavitt later told reporters Friday the number is hardly set in stone.
“That was a number the president threw out there,” she said. “The president still remains with his position that he is not going to unilaterally bring down tariffs on China.”
The president has blamed China for long engaging in unfair trade practices with the US and not doing enough to stop the global flow of fentanyl from within its borders — but has in recent weeks indicated that he wants to come to a deal, and that he won’t play “hard ball.”
“No, I’m not going to mention COVID. I’m not going to say, ‘Oh, I’m going to play hardball with China, I’m going to play hardball with you, President Xi.’ No, we’re going to be very nice,” Trump told The Post last month.
“We’ll see what happens. But ultimately, they have to make a deal, because otherwise they’re not going to be able to deal in the United States. And we want them involved,” Trump said at the time.
Trump has said that he’s been engaged with China over the tariff war that began after his April 2 “Liberation Day” tariff announcement. He had then lowered all country’s tariffs to 10% — but left China’s at 145% because of the country’s particular actions towards the US.
The White House has been careful not to make any concrete promises on how the talks will shake out — and has stressed that the US will only make a deal if China cooperates.
“We’ll see what happens this weekend, and always in the effort of transparency, I’m sure you’ll hear directly from the treasury secretary or the president after those negotiations conclude,” Leavitt said.
The president revealed his first trade deal with the UK on Thursday, leaving on the 10% tariff on the US ally, but opening up the UK market to US agricultural imports and giving the country access to importing 100,000 cars into the US at a 10% rate instead of 25%.
The 10% baseline tariff will be a “template” of how other countries will be treated, Trump’s trade counselor Peter Navarro told reporters outside the White House on Tuesday.
The rates will be higher for countries who try to retaliate against the US, he said.
