US-China Trade Talks Face Stalled Progress Amid Rising Tensions
US-China trade talks are currently stalled, as stated by US Treasury Secretary Scott Bessent. A phone call between President Trump and Xi Jinping may be necessary to revive discussions.
Key points include:
- Initial meetings in Geneva led to a temporary agreement to reduce tariffs for 90 days.
- The US lowered tariffs on Chinese goods to 30%, while China reduced its tariffs to 10%.
- China committed to suspending certain non-tariff barriers without providing specifics.
- There have been few updates or signs of cooperation since the agreement.
- The US has increased pressure by restricting sales of AI chips and semiconductor software to Chinese companies like Huawei.
- Bessent believes direct communication from Trump could encourage China to negotiate again.
- Chinese officials remain silent on US comments, with analysts suggesting preparations for a prolonged standoff.