The US and China delegations held talks on the issue for more than ten hours. US President Donald Trump, speaking on social media after the talks, said, “We had a very good meeting with China today in Switzerland.” Many things were discussed. On some issues, both countries agreed. In a friendly but constructive manner, the shares were fully restored. And for the benefit of both countries, America, we want to see China’s liberal policy on US trade.” Discussions are underway regarding the resumption of trade between the two countries.”The delegations from both countries included US Treasury Secretary Scott Besant, US Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng, among others. The US-China dispute could help stabilize global markets. Therefore, this discussion is considered more important. Representatives of both countries maintained silence regarding this discussion. Representatives of both countries avoided giving any comments to journalists in this regard.This is the first meeting between representatives of the US and China since the world’s two largest economies imposed tariffs of more than 100% on each other’s goods. In their first in-person meeting, Chinese Vice Premier He Lifeng met with US Treasury Secretary Scott Besant and US Trade Representative Jamieson Greer for about eight hours.US President Trump’s decision to impose tariffs on several countries has disrupted trade, destabilized financial markets, and raised fears of a global recession.The meeting lasted more than 10 hours between delegations from both countries. The delegation was led by Treasury Secretary Scott Besant, US Trade Representative Jamieson Greer, and other key members, including Chinese Vice Premier He Lifeng. The official, who spoke to the AP on condition of anonymity because of the sensitivity of the discussions, which could help stabilize global markets amid the U.S.-China dispute, said the talks were shrouded in secrecy and neither side commented to reporters on the sidelines.Trump last month increased US tariffs on China to a combined 145 percent, and China retaliated by imposing a 125 percent tax on American imports. Such high tariffs have led to countries boycotting each other’s products, disrupting $660 billion in trade last year.Even before the talks began, Trump suggested on Friday that the US could reduce its tariffs on China, according to a Truth Social post. Sun Yun, director of the China Program at the Stimson Center, said that this would be her and Besant’s first time, and she doubted that any concrete results would come from the Geneva meeting.China’s official Xinhua News Agency also said that the US’s “reckless misuse of tariffs” has destabilized the global economic system, but that the negotiations are a positive and necessary step to resolve differences and prevent further escalation.Tensions between the world’s two largest economies, the US and China, over tariff cards have escalated. Several convoys of black vehicles left the residence of the Swiss ambassador to the United Nations, which is hosting talks in Geneva to defuse the trade tensions.Ambassadors from both sides also confirmed that the talks took place.During Trump’s first term, the United States accused China of using unethical tactics to position itself as number one in advanced technologies such as quantum computing and driverless cars. These include forcing US and other foreign companies to hand over trade secrets to gain access to the Chinese market, using government money to subsidize domestic technology companies, and outright theft of sensitive technology.Those issues needed to be fully resolved, but they didn’t happen. After nearly two years of negotiations, the US and China signed the so-called Phase One agreement in January 2020. The US then agreed not to impose any more tariffs on China, and Beijing agreed to buy more American products. Difficult issues such as Chinese subsidies were left for future negotiations.Saturday’s talks took place in the grand 18th-century “Villa Saladin,” overlooking Lake Geneva. According to the Geneva government, the old property was ceded to the Swiss state in 1973. The prospects for major progress appear dim. The talks are expected to see both countries reduce the huge tariffs they have imposed on each other’s goods, which will benefit both countries, as well as global financial markets and companies on both sides of the Pacific Ocean that depend on US-China trade.Mrs. Manya Hardwani, Asst. Prof. and HOD of Department of Commerce, L. D. Sonawane College of Kalyan, expressed her opinion that “ it is said that ‘ it takes two to quarrel’; likewise, no country survives or prospers in isolation. Donald Trump’s “Total Reset” Remark After Marathon US-China Tariff Talks is considered a positive signal towards the global economy, trade, commerce, and industry as a whole, especially supply chain and logistics management of the countries. Negotiation in a friendly and peaceful manner had a positive impact on global trade, global consumption patterns, and political disorder.Discussion and negotiations represented an indispensable step to resolve unfair trade practices and international trade disputes, which leads to maintaining the global economic, political, and trade balance and a good signal of future growth of the economies.As both the countries are the most powerful nations, their peaceful tie-up towards trade and tariffs policy remarked an overall influential impact on all the other trade member countries as a whole positively and reduced the chances of a trade cold war and its post-negative effects on the economy.”
By Dr. Anupriya Khobragade
For True to Life News Media Pvt. Ltd.