US and China reach trade deal, details expected Monday

#China #reach #trade #deal #details #expected #Monday

According to Reuters, US Treasury Secretary Scott Basant and commercial representative Jameson Greer announced on Sunday that an agreement was signed with China aimed at reducing the US trade deficit.

After a two -day high -level negotiation with Chinese deputy premiere and senior officials in Geneva, the two sides reported “good progress”.

However, no specific details were provided, with a formal announcement on Monday. Officials did not mention the changes in the current standing rates and refused to raise questions from the press.

The US Treasury Chief has previously said that these duties are equal to the trade sanctions between the world’s two largest economies and need to be “unprecedented”.

Greer describes the end of Geneva meetings as a “contract” that we have hit with our Chinese partners “, which will help reduce the US trade deficit in global goods by $ 1.2 trillion.

“And that was, as the secretary said, for two days very constructive,” Greer said. “It is important to understand how quickly we succeeded in coming to an agreement, which shows that these differences may not have been as big as you thought,” said Greer.

He called Deputy Premier, Deputy Minister of Commerce Li Cheng Gang and Deputy Finance Minister Liao Mann a “tough negotiator”.

The meeting was a prestigious interaction between senior US and Chinese economic officials, since Trump took power and launched a global tariff bullets, which began with the announcement of a national emergency on the US fantasy crisis, which imposed 20 % of Chinese goods in February.

Trump followed 34 % of “mutual” duty on Chinese imports in April, and then the round pushed the rates into triple digits, which stopped the trade of about $ 600 billion in bilateral trade.

China insisted that prices be reduced in any conversation. Trump said on Friday that 80 % tariff on Chinese goods “looks fine”, which is a special target for the first time.

Greer said that many foundations are operating before the Geneva meetings on Saturday and Sunday, and this will resolve the national emergency, which Trump has announced on the growing US trade deficit.

“We believe that the agreement we have signed with our Chinese partners will help us to resolve this national emergency,” Greer said.

A White House press release, which repeated the brief comments of Basant and Greer in detail without any detail: “The United States announces China’s trade agreement in Geneva.”

Chinese officials are expected to brief reporters in Geneva on Sunday evening.

‘Very helpless’

Earlier, the White House economic adviser Kevin Hast said that talks with the Chinese state were “very, very restless” to engage in trade relations.

Hasset also told Fox News’s ‘Sunday Morning Future Program’ that after last week’s limited trade agreement with the UK, more foreign trade deals with other countries could have this week, with 10 % of the US duties remaining on many UK products.

He said he was briefed by US Commerce Secretary Howard Lotnik on two dozen pending contracts in connection with the USTR Greer.

“They all look a little like a UK contract, but everyone is basipok,” Haset said.

Overnight, Trump studied the negotiations positively, saying that the two sides had “friendly, but constructively resumed” completely. “

Trump posted on his social platform, “We want to see China and the United States in the US business, for the welfare of both China and the United States.” “Great progress happened !!!”

Gated Villa

The negotiating teams met at the UN ambassador to Switzerland at Gated Villa, in which Lake Geneva was ignored in the suburbs of Koagi. Black Mercedes was shuttle with vans and shuttle with the sirens, which was bathed in bright sunshine.

Neutral Switzerland was chosen after Swiss politicians approach the recent visits to China and the United States.

Washington is trying to reduce its trade deficit of $ 295 billion with Beijing and is pleased to persuade China that the United States says it is a commercial economic pattern and contributes to global use, this change will require politically sensitive domestic reforms.

China’s state -run Sinhava News Agency said in a comment on Saturday that the US “abuse of prices” has destabilized the global economic system, but added that these talks have “represented a positive and necessary step to resolve the differences and prevent further increase”.

With no confidence, the two sides do not want to appear weak, and economic analysts had low expectations for progress.