US‑China trade talks aim to ease tariff tensions
On May 10th and 11th in Switzerland, trade talks between the USA and China are scheduled. The meetings will be attended by China's Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer, among others.
According to "Parkiet," the goal of these bilateral talks is to deescalate trade tensions rather than reach a new agreement between the countries.
The Chinese Ministry of Commerce announced that the decision to hold talks was at the request of the Americans. "If the US wishes to resolve issues through negotiation, it must acknowledge the severe negative impacts its unilateral tariff measures have had on itself and the world," the Chinese authorities stated in an official communiqué.
Donald Trump's trade war
Recall that U.S. tariffs on imports from China currently stand at 145%, while China's retaliatory tariffs are at 125%. However, both countries have made certain exceptions to lessen the impact on their economies. The U.S. has exempted smartphones from tariffs, and China has exempted certain pharmaceuticals and microchips. The World Trade Organization estimates that Chinese exports to the USA could fall by 77% if the tariffs remain in effect.
As early as the first half of April, Beijing stated its readiness to negotiate with the United States on tariffs, emphasizing that such dialogue must be conducted based on principles of mutual respect and equality.
