US-China trade talks make 'substantial progress' in Geneva

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(VOVWORLD) - The US and China concluded two days of high-level trade negotiations in Geneva on Sunday, with Treasury Secretary Scott Bessent describing the outcome as “substantial progress”. 

The meetings were the first face-to-face discussions since Washington imposed a fresh wave of tariffs on Chinese goods last month. Details of the discussions will be announced at a Monday morning press conference. US Trade Representative Jamieson Greer said: “This was, as the Secretary pointed out, a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. 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 USD 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 to work toward resolving that national emergency.”

Chinese Vice Premier He Lifeng described the talks as "candid, in-depth, and constructive". He said the US and China had reached an agreement to establish a “consultation mechanism” to discuss economic and trade issues, which creates favorable conditions for narrowing differences and enhancing cooperation between the two countries.

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