<p class="x_elementToProof"><span data-olk-copy-source="MessageBody">In a significant diplomatic and economic development, the United States and China have announced &ldquo;substantial progress&rdquo; in trade talks held in Geneva on May 10&ndash;11, raising hopes of de-escalation in a tariff war that has rattled global markets for months.</span></p>
<p class="x_elementToProof"><span>Chinese Vice Premier He Lifeng, leading Beijing&rsquo;s delegation, said the talks with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer were &ldquo;candid, in-depth, and constructive,&rdquo; according to Reuters. He added that both sides agreed to establish a formal consultation mechanism to address economic and trade issues of mutual concern.</span></p>
<p><span>Bessent told Reuters that President Donald Trump had been &ldquo;fully informed&rdquo; of the discussions and that a detailed joint statement would be released on Monday. &ldquo;We made substantial progress&hellip; in the spirit of cooperation, shared interest, and mutual respect,&rdquo; he said.</span></p>
<h2 class="x_elementToProof"><span><b>Trump&rsquo;s tariff saga</b></span></h2>
<p><span>This diplomatic thaw follows President Donald Trump&rsquo;s unexpected escalation earlier this year, when he slapped a 145 per cent tariff on a wide swath of Chinese imports, ranging from steel and electric vehicles to electronics, textiles, and rare earth metals. The US administration justified the move by declaring a national economic emergency, citing the ballooning $1.2 trillion trade deficit with China, according to the US Department of Commerce. In swift retaliation, China&rsquo;s Ministry of Commerce imposed reciprocal tariffs on key American exports, including agricultural produce, semiconductors, industrial machinery, and pharmaceuticals. While Beijing insisted it did not seek a trade war, Vice Premier He told Reuters that China was &ldquo;prepared to fight to the end.&rdquo;</span></p>
<p class="x_elementToProof"><span>The consequences were immediate and severe. Bloomberg Economics estimates that nearly $300 billion in cross-border trade was wiped out in just the first quarter of 2025, fuelling recession fears across global markets. The ripple effects hit multiple sectors hard. Technology giants such as Apple, NVIDIA, and Tesla suffered increased production costs and delays, with S&amp;P Global reporting that over 60 per cent of US electronics firms experienced severe supply chain disruptions by March 2025.&nbsp;</span></p>
<p class="x_elementToProof"><span>In the automotive sector, tit-for-tat tariffs on vehicles and components crushed exports on both sides, prompting several global manufacturers to relocate operations, according to Automotive News China. Even average American consumers weren&rsquo;t spared &mdash; prices for electronics, apparel, and furniture surged, much of it imported from China. In its April forecast, the International Monetary Fund warned that prolonged tariffs could push global inflation up by as much as 1.5 per cent in 2025.</span></p>
<h2 class="x_elementToProof"><span><b>A step towards stability?</b></span></h2>
<p><span>Despite deep-rooted differences, both delegations signalled optimism. &ldquo;This meeting has laid the foundation for resolving differences through equal-footed dialogue,&rdquo; He Lifeng said, as stated in Reuters. He also noted that China was ready to work with the US in expanding the list of cooperative outcomes and &ldquo;making the pie of mutual benefits bigger.&rdquo;</span></p>
<p><span>Greer acknowledged the tough negotiating style of the Chinese side and said the pace of consensus showed that &ldquo;perhaps the differences were not as great as previously thought,&rdquo; told to Reuters.</span></p>
<p class="x_elementToProof"><span>Both leaders praised the Swiss government for its hospitality. &ldquo;The venue helped facilitate the productivity we achieved,&rdquo; said Bessent, adding that further consultations would follow soon.</span></p>
<h2 class="x_elementToProof"><span><b>What lies ahead?</b></span></h2>
<p class="x_elementToProof"><span>According to Reuters, a joint statement outlining initial agreements and next steps is expected on Monday. Sources familiar with the talks say both sides have considered rolling back a portion of the February tariffs in exchange for mutual concessions on digital trade, intellectual property protections, and agricultural imports.</span></p>
<p class="x_elementToProof"><span>While it&rsquo;s too early to declare the trade war over, analysts see this weekend&rsquo;s progress as a pivotal turn. &ldquo;We may be witnessing the beginning of a recalibration in global trade dynamics,&rdquo; said Alicia Garc&iacute;a Herrero, Chief Economist for Asia Pacific at Natixis, quoted by Bloomberg.</span></p>
<p><span>The coming days will be crucial as the world waits for the official roadmap. For now, Geneva has offered a glimmer of hope &mdash; that diplomacy, not tariffs, may once again guide the world&rsquo;s two largest economies.</span></p>

Business & Economy: US Treasury Secretary Scott Bessent confirmed that President Trump was fully briefed, anticipating a detailed joint statement to be unveiled on Monday.

In a significant diplomatic and economic development, the United States and China have announced “substantial progress” in trade talks held in Geneva on May 10–11, raising hopes of de-escalation in a tariff war that has rattled global markets for months. Chinese Vice Premier He Lifeng, leading Beijing’s delegation, said the talks with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer were “candid, in-depth, and constructive,” according to Reuters. He added that both sides agreed to establish a formal consultation mechanism to address economic and trade issues of mutual concern. Bessent told Reuters that President Donald Trump had been “fully informed” of the discussions and that a detailed joint statement would be released on Monday. “We made substantial progress… in the spirit of cooperation, shared interest, and mutual respect,” he said. Trump’s tariff saga This diplomatic thaw follows President Donald Trump’s unexpected escalation earlier this year, when he slapped a 145 per cent tariff on a wide swath of Chinese imports, ranging from steel and electric vehicles to electronics, textiles, and rare earth metals. The US administration justified the move by declaring a national economic emergency, citing the ballooning $1.2 trillion trade deficit with China, according to the US Department of Commerce. In swift retaliation, China’s Ministry of Commerce imposed reciprocal tariffs on key American exports, including agricultural produce, semiconductors, industrial machinery, and pharmaceuticals. While Beijing insisted it did not seek a trade war, Vice Premier He told Reuters that China was “prepared to fight to the end.” The consequences were immediate and severe. Bloomberg Economics estimates that nearly $300 billion in cross-border trade was wiped out in just the first quarter of 2025, fuelling recession fears across global markets. The ripple effects hit multiple sectors hard. Technology giants such as Apple, NVIDIA, and Tesla suffered increased production costs and delays, with S&P Global reporting that over 60 per cent of US electronics firms experienced severe supply chain disruptions by March 2025. In the automotive sector, tit-for-tat tariffs on vehicles and components crushed exports on both sides, prompting several global manufacturers to relocate operations, according to Automotive News China. Even average American consumers weren’t spared — prices for electronics, apparel, and furniture surged, much of it imported from China. In its April forecast, the International Monetary Fund warned that prolonged tariffs could push global inflation up by as much as 1.5 per cent in 2025. A step towards stability? Despite deep-rooted differences, both delegations signalled optimism. “This meeting has laid the foundation for resolving differences through equal-footed dialogue,” He Lifeng said, as stated in Reuters. He also noted that China was ready to work with the US in expanding the list of cooperative outcomes and “making the pie of mutual benefits bigger.” Greer acknowledged the tough negotiating style of the Chinese side and said the pace of consensus showed that “perhaps the differences were not as great as previously thought,” told to Reuters. Both leaders praised the Swiss government for its hospitality. “The venue helped facilitate the productivity we achieved,” said Bessent, adding that further consultations would follow soon. What lies ahead? According to Reuters, a joint statement outlining initial agreements and next steps is expected on Monday. Sources familiar with the talks say both sides have considered rolling back a portion of the February tariffs in exchange for mutual concessions on digital trade, intellectual property protections, and agricultural imports. While it’s too early to declare the trade war over, analysts see this weekend’s progress as a pivotal turn. “We may be witnessing the beginning of a recalibration in global trade dynamics,” said Alicia García Herrero, Chief Economist for Asia Pacific at Natixis, quoted by Bloomberg. The coming days will be crucial as the world waits for the official roadmap. For now, Geneva has offered a glimmer of hope — that diplomacy, not tariffs, may once again guide the world’s two largest economies.

US-China trade talks mark ‘substantial progress’ following months of tariff tensions

<div class="x_elementToProof" data-olk-copy-source="MessageBody">In a provocative move ahead of crucial trade talks in Geneva, US President Donald Trump announced that an 80 per cent tariff on Chinese goods &ldquo;seems right,&rdquo; marking the first time he has floated a specific figure since his administration imposed sweeping levies of up to 145 per cent on imports from China. The statement, posted on Trump&rsquo;s Truth Social account on May 9, comes just hours before US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer meet Chinese economic chief He Lifeng in Switzerland, in what officials are calling a tentative first step toward resolving deep-rooted trade tensions between the world&rsquo;s two largest economies.</div>
<div class="x_elementToProof" data-olk-copy-source="MessageBody"></div>
<div class="x_elementToProof">&ldquo;China should open up its market to the USA,&nbsp;it would be so good for them!!! Closed markets don&rsquo;t work anymore!!!&rdquo; Trump wrote. He added, &ldquo;80% tariff on China seems right. Up to Scott B,&rdquo; signalling&nbsp;his delegation to explore the feasibility of this new benchmark. According to Reuters, this is Trump&rsquo;s first public suggestion of a specific alternative to the existing tariff structure, which has drawn criticism from industry leaders and allies alike for disrupting global supply chains. Financial markets responded swiftly, with US stock futures dipping and the dollar weakening in Europe before stabilising later in the day.</div>
<div class="x_elementToProof"></div>
<div class="x_elementToProof">Speaking from the Oval Office on May 9, Trump said the US would maintain a baseline tariff of 10 per cent on imports even after trade deals are struck, allowing exemptions only for countries offering &ldquo;significant trade terms.&rdquo; He suggested that new trade agreements are on the horizon, stating, &ldquo;We always have a baseline of 10%,&rdquo; and hinted that Bessent had been given room to negotiate down from the current tariff ceiling. The Geneva meeting represents the first face-to-face encounter between US and Chinese trade officials since Trump returned to the White House.</div>
<div class="x_elementToProof"></div>
<div class="x_elementToProof">Since taking office for a second term, Trump has escalated his trade offensive, slapping 145 per cent average tariffs on Chinese imports, adding to the tariffs imposed during his first term and those maintained by the Biden administration. In retaliation, China has raised its tariffs on US goods to as high as 125 per cent and imposed export restrictions on rare earth elements vital to sectors like defence, electronics, and green energy. Beijing has also targeted high-profile American exports such as soybeans and liquefied natural gas, intensifying the economic standoff.</div>
<h2 class="x_elementToProof"><b>Geneva Talks: First step or false start?</b></h2>
<div class="x_elementToProof">The US-China trade talks in Geneva are taking place today, Saturday, May 10, 2025. This meeting marks the first direct negotiation between top officials from both nations since Trump returned to the presidency. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are representing Washington, while Chinese Vice Premier He Lifeng is leading Beijing&rsquo;s delegation. The talks aim to reopen stalled economic dialogue without preconditions, according to the US Treasury Department&mdash;a move interpreted by analysts as a cautious attempt to de-escalate.</div>
<div class="x_elementToProof"></div>
<div class="x_elementToProof">However, the context remains tense. Trump&rsquo;s public push for an 80 per cent tariff, despite being a step down from the current 145 per cent, may complicate diplomatic efforts. China&rsquo;s reciprocal tariffs of up to 125 per cent and strategic export curbs on rare earth materials continue to set a combative tone. Whether today&rsquo;s talks lead to substantive progress or serve as a diplomatic reset remains uncertain.</div>
<h2 class="x_elementToProof"><b>US-China trade dependency</b></h2>
<div class="x_elementToProof">Despite the political posturing, economic data paints a picture of deep interdependence between the two superpowers. According to the US Census Bureau, in 2023, the US imported $427 billion worth of goods from China, making it the country&rsquo;s third-largest trading partner after Mexico and Canada. At the same time, US exports to China totalled&nbsp;$148 billion, with key outbound products including soybeans, semiconductors, aircraft, and LNG.</div>
<div class="x_elementToProof">From Beijing&rsquo;s side, the US was China&rsquo;s second-largest export market in 2023, accounting for around 15 per cent of its total exports, according to China&rsquo;s General Administration of Customs. This mutual reliance complicates any attempt at economic decoupling.</div>
<div class="x_elementToProof"></div>
<div class="x_elementToProof">Whether Geneva will mark a turning point or simply another headline in the US-China economic standoff remains to be seen. But what is clear is that decisions taken in this weekend&rsquo;s meeting could have far-reaching implications for global trade flows, supply chains, and investor confidence.</div>
<div class="x_elementToProof"></div>

Business & Economy: Trump makes a huge statement ahead of the US-China critical trade meeting in Switzerland on May 10.

In a provocative move ahead of crucial trade talks in Geneva, US President Donald Trump announced that an 80 per cent tariff on Chinese goods “seems right,” marking the first time he has floated a specific figure since his administration imposed sweeping levies of up to 145 per cent on imports from China. The statement, posted on Trump’s Truth Social account on May 9, comes just hours before US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer meet Chinese economic chief He Lifeng in Switzerland, in what officials are calling a tentative first step toward resolving deep-rooted trade tensions between the world’s two largest economies. “China should open up its market to the USA, it would be so good for them!!! Closed markets don’t work anymore!!!” Trump wrote. He added, “80% tariff on China seems right. Up to Scott B,” signalling his delegation to explore the feasibility of this new benchmark. According to Reuters, this is Trump’s first public suggestion of a specific alternative to the existing tariff structure, which has drawn criticism from industry leaders and allies alike for disrupting global supply chains. Financial markets responded swiftly, with US stock futures dipping and the dollar weakening in Europe before stabilising later in the day. Speaking from the Oval Office on May 9, Trump said the US would maintain a baseline tariff of 10 per cent on imports even after trade deals are struck, allowing exemptions only for countries offering “significant trade terms.” He suggested that new trade agreements are on the horizon, stating, “We always have a baseline of 10%,” and hinted that Bessent had been given room to negotiate down from the current tariff ceiling. The Geneva meeting represents the first face-to-face encounter between US and Chinese trade officials since Trump returned to the White House. Since taking office for a second term, Trump has escalated his trade offensive, slapping 145 per cent average tariffs on Chinese imports, adding to the tariffs imposed during his first term and those maintained by the Biden administration. In retaliation, China has raised its tariffs on US goods to as high as 125 per cent and imposed export restrictions on rare earth elements vital to sectors like defence, electronics, and green energy. Beijing has also targeted high-profile American exports such as soybeans and liquefied natural gas, intensifying the economic standoff. Geneva Talks: First step or false start? The US-China trade talks in Geneva are taking place today, Saturday, May 10, 2025. This meeting marks the first direct negotiation between top officials from both nations since Trump returned to the presidency. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are representing Washington, while Chinese Vice Premier He Lifeng is leading Beijing’s delegation. The talks aim to reopen stalled economic dialogue without preconditions, according to the US Treasury Department—a move interpreted by analysts as a cautious attempt to de-escalate. However, the context remains tense. Trump’s public push for an 80 per cent tariff, despite being a step down from the current 145 per cent, may complicate diplomatic efforts. China’s reciprocal tariffs of up to 125 per cent and strategic export curbs on rare earth materials continue to set a combative tone. Whether today’s talks lead to substantive progress or serve as a diplomatic reset remains uncertain. US-China trade dependency Despite the political posturing, economic data paints a picture of deep interdependence between the two superpowers. According to the US Census Bureau, in 2023, the US imported $427 billion worth of goods from China, making it the country’s third-largest trading partner after Mexico and Canada. At the same time, US exports to China totalled $148 billion, with key outbound products including soybeans, semiconductors, aircraft, and LNG. From Beijing’s side, the US was China’s second-largest export market in 2023, accounting for around 15 per cent of its total exports, according to China’s General Administration of Customs. This mutual reliance complicates any attempt at economic decoupling. Whether Geneva will mark a turning point or simply another headline in the US-China economic standoff remains to be seen. But what is clear is that decisions taken in this weekend’s meeting could have far-reaching implications for global trade flows, supply chains, and investor confidence.

Trump advises Bessent to keep the 10% tariff baseline ahead of the US-China Geneva talks

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US-China trade talks mark ‘substantial progress’ following months of tariff tensions

Trump advises Bessent to keep the 10% tariff baseline ahead of the US-China Geneva talks