Trump, trade war
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The Geneva talks come after President Trump slapped 145% tariffs on U.S. imports from China and Beijing retaliated with a 125% levy on U.S. goods.
The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.
After second day of talks with the U.S., Chinese Vice Premier He Lifeng said trade talks with the U.S. “achieved substantial progress and reached important consensus.”
Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.
The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.
It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought.”
Officials wrapped up two days of bargaining in Switzerland and touted "substantial progress." More details are expected on Monday.
White House economic advisor Kevin Hassett said the Chinese were "very, very eager" to rebalance trade relations with the United States.