US, China reach key agreements on trade deal – White House
12 May 2025 09:41
On Sunday, May 11, 2025, the White House announced progress in negotiations to reach a trade agreement between the United States and China following two days of talks in Geneva. This is reported by "Komersant Ukrainian" with reference to official information from Washington.
The meetings were attended by U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamison Greer and Chinese Vice Premier He Lifeng. The parties characterized the talks as “productive” and “constructive”, noting that “important consensus” was reached.
I can say that the talks were productive. They were attended by the Deputy Prime Minister, two vice ministers who were fully engaged, Ambassador Jamieson and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed about what is happening,” Bessent said.
The purpose of the agreement is to reduce the US trade deficit, which, according to Greer, has reached $1.2 trillion. Earlier, US President Donald Trump declared a national emergency and imposed tariffs of up to 145% on Chinese goods, to which China responded with duties of 125% on US imports.
Although the details of the agreement have not been disclosed, they are expected to be made public on May 12. The parties agreed to establish a new mechanism for consultations on trade and economic issues, which should facilitate regular dialogue and resolve disputes.
Financial markets reacted positively to the news: futures on the Dow Jones, S&P 500, and Nasdaq indices rose by 1.3%, 1.4%, and 1.6%, respectively. This is evidence of investor optimism about a possible reduction in tariffs and stabilization of trade relations between the world’s two largest economies.
President Trump has already characterized the agreement as a “complete reset” of relations between the US and China, emphasizing his desire to open the Chinese market to American businesses.
Читайте нас у Telegram: головні новини коротко
