The two-day closed door discussions were the first since President Donald Trump levied tariffs on China in January this year. A joint statement with full details is expected today.
“I am happy to report that we made substantial progress between the United States and China in the very important trade talks. We will be giving details tomorrow [May 12], but I can tell you that the talks were productive,” US secretary of treasury Scott Bessent claimed in a statement issued by the White House.
Trump had earlier signalled reducing the tariffs imposed on imports from China to below 80 per cent from 145 per cent now.
US trade representative Jamieson Greer claimed that it is imperative to how quickly the agreement was reached and indicated that the differences may not be as large as perceived earlier.
“That being said, there was a lot of groundwork that went into these two days. Just remember why we’re here in the first place—the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us work towards resolving that national emergency,” Greer said.
ALCHEMPro News Desk (DS)
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