Over the weekend, US and Chinese officials held two days of intensive trade talks in Geneva, Switzerland. The meetings, led by US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, alongside Chinese Vice Premier He Lifeng, were described as productive. The discussions aimed to address the escalating trade war between the two nations, which has seen the US impose tariffs up to 145% on Chinese goods, with China retaliating with 125% tariffs on US exports.
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Establishing Ongoing Dialogue
A key outcome of the talks was the agreement to set up an economic and trade consultation mechanism for continuous dialogue. This move is seen as a step toward reducing the US trade deficit with China and resolving the national emergency declared by President Trump over trade imbalances.
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Joint Statement and Future Meetings
A joint statement summarizing the discussions is expected to be released on Monday. Additionally, follow-up meetings are planned, including sessions with Chinese shipping executives and US officials, to further address trade issues and implement agreed-upon measures.
Market Reactions
The news of progress in the trade talks positively impacted financial markets. US stock futures rose, with the Dow Jones Industrial Average futures up by 400 points (1%), S&P 500 futures increasing by 1.4%, and Nasdaq-100 futures climbing 2%.
