US Minister of Finance Scott Immentin said that trade negotiations with China were productive and they have reached significant progress.
After trading negotiations between the officials of the United States and China in Switzerland, the White House published on their website a statement called “the United States announced the conclusion of a trading agreement with China in Geneva.”
The statement of the Posode and Trading Representative of the United States Jamison Grire based on the results of trade negotiations with China in Switzerland is given.
The Minister of Finance noted: “I am glad to report that we have achieved significant progress in very important trade negotiations between the USA and China.”
Having stated that the negotiations were productive, he said that Donald Trump was informed about them.
According to him, on May 12 a comprehensive briefing will be held in the details of the negotiations.
US trade representative Grire also described negotiations as “very constructive”.
GRIR said: “It is important to understand how quickly we have reached an agreement, what shows that, perhaps, disagreements are not as great as we thought.”
recalling that the deficit of the US trade balance is 1.2 trillion dollars, Grire recalled that for this reason President Trump announced a state of emergency and introduced tariffs. “We are sure that the agreement with our Chinese partners will help our efforts to resolve the emergency,” said Grire.
– Trump said that in negotiations with China a great progress was achieved
US President Donald Trump also shared on May 10 on his page on the Truth social network that negotiations with China were very good and reached great progress.
“Much has been discussed, much was agreed. Negotiations on a complete restart were carried out in a friendly, but constructive manner,” the president wrote.
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Stressing that they want to see China open to the American business world for the benefit of both China and the USA, Trump added: “Great progress was achieved.”
– the USA and China collided due to tariffs
April 2, Trump announced the introduction of additional tariffs against trading partners, including China.
As a result of the tariff confrontation between the two countries and the response of China, the United States increased the customs tariff applied to China to 145 percent, and China introduced a 125 percent tariff against the United States.
While the Washington administration postponed the introduction of additional tariffs against other countries for 90 days, the tariffs against China entered into force.
After the escalation of trade tension, American and Chinese officials agreed to meet in Switzerland this weekend for negotiations on tariffs.