” GOOD NEWS”
The debate are the first time senior representatives from the country’s two largest economy have met face-to-face to discuss the delicate subject of business since Trump slapped heavy fresh tariffs on China last month, causing Beijing to launch a fierce retaliation.
Trump has already imposed 145 percent tariffs on the Eastern manufacturing powerhouse since the start of the year, with combined US responsibilities on some astounding 245 percent on Chinese products.
China imposed 12 % taxes on US goods as retribution.
Trump made a signal prior to the meeting that he might lower the tariffs, saying on social media that an “80 % Tariff on China seems appropriate”!
However, his media director Karoline Leavitt later clarified that China would also need to make concessions as well as the US would no lower taxes formally.
Both sides played down anticipation of a significant change in business relations before the meeting, with Beijing insisting the United States may relieve tariffs first, with Bessent insisting on a “de-escalation” and not a “big trade deal.”
According to Gary Hufbauer, a senior non-resident fellow at the Peterson Institute for International Economics ( PIIE), the fact that the talks are taking place is” good news for business and for the financial markets.”
Hufbauer did, however, warn that he was “very wary that there will be any return to normal US-China business relations,” yet with a price rate of 70 to 80 percent still having the potential to reduce diplomatic trade.