Top officials of the Trump administration will meet with their Chinese part in Switzerland this week, President Trump has a first formal meeting between the United States and China since raising tariffs on Chinese imports at the triple-digit level last month.
Treasury Secretary Scott Basent and US Commerce Representative Jamison Greer are planning to meet Chinese officials while traveling to Geneva, where they will discuss trade and economic issues, according to a separate announcement of the Commerce Representative and the Treasury Department’s office.
A spokesman for the Chinese Foreign Affairs Ministry says he is the Vice Premier of Lifeng, Economic Policy, he will visit Switzerland from Friday to Monday and discuss with Mr Besent. Mr. Besent Fox News said that the discussion will be held on Saturday and Sunday.
The meeting can help reduce an economically harmful trade standoff in the world’s largest economy for a month. In early April, Mr. Trump increased the tariff on Chinese exports to punish Beijing to retaliate against his previous tariff to a minimum of 5 percent.
Although both sides seem interested in reducing these tariffs, both did not want to take the first step. It is still unclear how fast the United States and China can make, or what its content may be.
The Trump administration has criticized China to bring Fentanel and material to the US to make drugs in the United States, as well as opposing one of the wrong trade practices. Mr. Trump and his consultants have also censored China to fail to get stuck in terms of the trade agreement that the President discussed in his first term. In exchange, China called Mr. Trump’s tariff “illegal and irrational.”
Traders complain that both sides of the Pacific have stopped the high tariff trade and many American agencies have threatened to keep business out of business. In the first quarter of this year, the US share of goods imported from China has dropped to the lowest level for more than two decades, as trade relations between countries are increasingly under pressure.
During a Canadian Prime Minister’s visit from the White House on Tuesday, Mr Trump said the Chinese were interested in a meeting. “They want to meet, and they are not doing any business right now,” he said.
Asked about the discussion in Switzerland, a spokesman for the Chinese Ministry of Commerce said that “US officials were” Talking to China on tariffs and other issues to adjust the customs measures through various channels and actively conveyed information to China. “
“China caution has withdrawn US data,” the spokesman said. “Global expectations, China’s interests and US industrial and consumer calls to fully consider to be involved in the United States to agree to be involved in the United States”
“If the United States wants to solve the matter through negotiations,” the spokesperson added, “It must face the serious negative impact of the unilateral tariff system in the world, international economic and trade rules, fairness and justice and rational voices of all levels, conversation through negotiations, converting through it, China.”
Mr. Besent and Mr Grea are expected to meet with Swiss President Corin Keller-Sooter to discuss a possible trade agreement.
Former International Monetary Fund Officer Eswar Prasad, who is now a professor of Economics at Colonel University, says it is a “very positive development that both sides finally start their posture and discussion.” He added that “even if there is little chance of a full-grown trade agreement, a D-Socation itself can achieve both economic and political benefits for the two administration.”
Alan Rapport Reporting contributions.
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