Former President Donald Trump announced on Truth Social that “great progress” had been achieved during ongoing trade negotiations between the United States and China over the weekend. The talks, held in Geneva, involved U.S. officials, including Treasury Secretary Scott Bessent, and their Chinese counterparts. According to Trump, many topics were covered, and there was agreement on several fronts, though details remained vague. Negotiations are set to continue, indicating the discussions are ongoing and evolving.
Escalating Tariffs and Renewed Negotiations Signal Hope for U.S.-China Trade Resolution
The recent trade talks follow a series of escalating tariffs between the two countries. The U.S. imposed a new 145% tariff on Chinese goods, following a prior round of tariffs announced on April 2. In response, China initially reduced tariffs for other countries temporarily, only to raise tariffs on U.S. products to 125%. These tit-for-tat moves have intensified trade tensions and sparked concerns about long-term economic impacts on both economies.
Trump Hails ‘Total Reset’ as U.S.-China Trade Talks Continue Amid Tariff Crossfire and Economic TensionsTrump stated that China appeared eager to reach a resolution, telling reporters that the Chinese government “very much” wanted to make a deal to end the ongoing tariff dispute. He characterized the current negotiations as a “total reset,” with discussions being carried out in a “friendly, but constructive” environment. The goal, Trump emphasized, was to create more favorable conditions for American businesses seeking market access in China.
Tariffs Framed as Economic Equalizer to Address Trade Deficit and Pressure China
Trump defended the aggressive tariff strategy as a necessary tool to combat the massive $1.2 trillion U.S. trade deficit recorded in 2024. He reiterated his long-held belief that tariffs could correct trade imbalances and revitalize American manufacturing. The administration aimed to use tariffs as leverage to bring about fairer trade practices and to reduce reliance on Chinese imports.
Treasury Secretary Scott Bessent highlighted China’s economic vulnerability in this dispute, claiming that the tariffs could lead to massive job losses—potentially up to 10 million. Even with partial tariff reductions, he warned that China could still lose 5 million jobs due to its heavy reliance on exports to the U.S. With the U.S. being the deficit country, Bessent suggested that the burden of compromise rests more on China than the United States.
