First High-Level Face-to-Face Talks Since the Tariff War
"Significant Progress Achieved" After Two Days of Negotiations
Establishment of Trade and Economic Mechanism... Indication of Follow-Up Discussions
Chinese Vice Premier He Lifeng stated on the 11th (local time) in Geneva, Switzerland, regarding the first trade negotiations with the United States, "The talks were constructive and achieved significant progress." This meeting marked the first high-level face-to-face negotiations amid the US-China trade war, drawing attention to whether the ongoing tariff conflict between the two countries, which have imposed high tariffs on each other's goods, might ease as a result of these talks.
He Lifeng, the chief representative for China in the US-China trade negotiations, made this statement after the talks concluded, adding, "A joint statement will be released on the 12th," according to reports from Reuters and the South China Morning Post (SCMP).
He said, "We have reached an important consensus," and added, "Both sides have agreed to establish a mechanism for trade and economic consultations, and follow-up discussions will continue."
This meeting took place as relations between the world's two largest economies, the United States and China, had become strained due to the tariff war. After beginning his second term, US President Donald Trump imposed a 145% tariff on Chinese goods, and China retaliated by imposing a 125% tariff on US goods. The US delegation was led by Treasury Secretary Scott Besant and US Trade Representative (USTR) Jamison Greer, while Vice Premier He Lifeng represented China at the negotiating table.
He stated, "China has always pursued a 'win-win' outcome in trade negotiations," and added, "China is ready to cooperate with the United States to manage differences and expand areas of cooperation."
He continued, "We will inject more certainty and stability into the global economy," but also noted, "Some differences and frictions between the two countries are inevitable."
China Central Television (CCTV) reported that the talks were "frank, in-depth, constructive, and achieved substantial progress." However, Reuters also reported that Vice Premier He Lifeng took a firm stance, stating that if the United States insists on continuing the trade war, "China will fight to the end."
The Wall Street Journal (WSJ), citing senior Chinese officials, reported that China viewed this weekend's talks not as an opportunity to reset bilateral relations, but rather as a chance to gauge whether the Trump administration was willing to ease current trade tensions. In particular, WSJ noted that Vice Premier He Lifeng focused on China's core concerns during talks with US officials, such as the high tariffs imposed by the US on Chinese products and the new port usage fees on Chinese ships.
Scott Besant, the chief US representative and Treasury Secretary, also told reporters after the talks concluded that he was "pleased to announce that the United States and China have made substantial progress in very important areas of trade."
He added, "The discussions were productive," and stated, "President Trump is fully informed about the ongoing situation. We will provide a detailed briefing tomorrow morning (the 12th)."
Prior to the negotiations, China called on the US to show goodwill and demanded the removal of tariffs, stating that the talks were made possible by continued US proposals. However, President Trump disputed this claim and mentioned the possibility of reducing tariffs on Chinese products depending on the outcome of the negotiations.
On the 9th, President Trump proposed reducing tariffs on Chinese products to 80% and urged China to open its market to US goods. China maintained its position that negotiations could only progress if the US took corrective actions such as removing tariffs, and that it would not compromise its principles.
Meanwhile, contrary to concerns that higher US tariffs would hurt Chinese exporters, newly released Chinese customs statistics showed that China's exports in April increased by 8.1% year-on-year. However, exports to the United States plunged by 21%, marking the largest drop in 21 months. In March, exports to the US had increased by 9.09%.
According to CNN, on the 9th, for the first time since the COVID-19 pandemic, not a single cargo ship departed from China bound for major ports on the US West Coast.
The Chinese government recently unveiled a policy package to counter US tariffs, which includes interest rate cuts, a reduction in banks' reserve requirement ratios, and expanded support for consumers and businesses.
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