In May 2025, two days of high-level talks were held in Geneva. As a result, a trade deal has been reached with the US and China. This was announced by US Treasury Secretary Scott Besant and Trade Representative Jamieson Greer on Sunday. The talks took place at a mansion located in Coloane, switzerland, and were attended by top officials from both countries. The meeting was held in an attempt to address the tensions caused by the trade deficit and the trade war. Treasury Secretary Besant said that these talks are very important, and we have made significant progress. He also thanked the swiss government and said that they will share the details soon.

The US currently has a $1.2 trillion trade deficit, and President trump decided to impose tough trade tariffs to prevent a trade war with China. This was an important step for the US economy. US officials have said that the new agreement will help reduce the US trade deficit and provide a way to make progress with China. "This agreement will help to solve a national emergency," said Trade Representative Greer. Chinese Vice Premier He Lifeng said that great progress has been made in these talks. "These meetings were a very important breakthrough. This is the first step in improving our relationship with the US," he said. The talks have progressed to the point where the two countries are close to reaching an agreement in the short term. "It shows that the differences are not as big as we thought when it came to our agreement," Greer said.
Trade tariffs: Before the deal, the US imposed a 145% tariff on Chinese imports, and china imposed a 125% tariff on American goods. This created huge economic challenges for both countries, and the impact of these tariffs affected more than $600 billion in bilateral trade. US President trump, on his Truth Social platform on Friday, suggested reducing the tariff rate to 80%. However, no commitment was made during the Geneva talks.
Public and financial advisor's view: white house economic advisor Kevin Hassett added that Chinese officials were very interested in these talks. He said that this agreement will lead to the implementation of international trade agreements, as well as improving our trade relationship with China. Thus, this new trade agreement between the united states and china is expected to create an important chapter in changing the economic situation of the two countries and create a new trend in global trade. Chinese officials are expected to announce their results in the evening.
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Sowmiya Sriram

12/05/2025 11:39 AM