Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Chinese Vice Premier He Lifeng, left, Switzerland's Economy Minister Federal Councillor Guy Parmelin, center, Switzerland's President Karin Keller-Sutter, right, speak, during a bilateral meeting between Switzerland and China, in Geneva, Switzerland yesterday. Alamy Stock Photo

Tariff talks begin between US and Chinese officials in Geneva

There are hopes that the trade dispute between the two countries will now de-escalate.

THE US TREASURY secretary and America’s top trade negotiator have begun talks with high-ranking Chinese officials in Switzerland in a bid to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy.

The Xinhua News Agency said Washington’s treasury secretary Scott Bessent and US trade representative Jamieson Greer have begun meetings in Geneva with a Chinese delegation led by vice premier He Lifeng.

Diplomats from both sides also confirmed that the talks have begun, but the exact location of the summit was not made public.

Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive taxes – tariffs – they have slapped on each other’s goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on US-China trade.

US President Donald Trump last month raised US tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy.

Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped 660 billion dollars.

Even before the talks began, Trump suggested on Friday that the US could lower its tariffs on China, saying in a Truth Social post that “80% Tariff seems right! Up to Scott”.

Sun Yun, director of the China program at the Stimson Centre, noted it will be the first time He and Bessent have talked. And she doubts the Geneva meeting will produce any substantive results.

“The best scenario is for the two sides to agree to de-escalate on the … tariffs at the same time,” she said, adding even a small reduction would send a positive signal.

“It cannot just be words.”

Since returning to the White House in January, Trump has aggressively used tariffs as his favourite economic weapon. He has, for example, imposed a 10% tax on imports from almost every country in the world.

But the fight with China has been the most intense. His tariffs on China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States.

The remaining 125% involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed the 145%.

During Trump’s first term, the US alleged that China uses unfair tactics to give itself an edge in advanced technologies such as quantum computing and driverless cars.

These include forcing US and other foreign companies to hand over trade secrets in exchange for access to the Chinese market; using government money to subsidise domestic tech firms; and outright theft of sensitive technologies.

Those issues were never fully resolved. After nearly two years of negotiation, the United States and China reached a so-called Phase One agreement in January 2020.

The US agreed then not to go ahead with even higher tariffs on China, and Beijing agreed to buy more American products. The tough issues – such as China’s subsidies – were left for future negotiations.

But China did not come through with the promised purchases, partly because Covid-19 disrupted global commerce just after the Phase One truce was announced.

The fight over China’s tech policy now resumes.

Trump is also agitated by America’s massive trade deficit with China, which came to 263 billion dollars last year.

In Switzerland, Bessent and Greer also plan to meet with Swiss President Karin Keller-Sutter.

Trump last month suspended plans to slap hefty 31% tariffs on Swiss goods – more than the 20% levies he plastered on exports from European Union. For now, he has reduced those taxes to 10% but could raise them again.

The government in Bern is taking a cautious approach. But it has warned of the impact on crucial Swiss industries like watches, coffee capsules, cheese and chocolate.

Close
26 Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Install the app to use these features.
    Mute Ollie Fitzpatrick
    Favourite Ollie Fitzpatrick
    Report
    Nov 12th 2023, 8:40 PM

    Contributors should remember that it is a money diary and not an actual minute by minute account of your day. For instance no need for things like I took the dog for a walk, I milked the cows, I went to the gym etc etc. They are long and boring enough with no need to pad it out.

    111
    Install the app to use these features.
    Mute Emer Daly
    Favourite Emer Daly
    Report
    Nov 12th 2023, 8:57 PM

    @Ollie Fitzpatrick: I like hearing about people’s day to day though aswell as what they spend on.

    199
    Install the app to use these features.
    Mute Ollie Fitzpatrick
    Favourite Ollie Fitzpatrick
    Report
    Nov 12th 2023, 9:23 PM

    @Emer Daly: but it’s a daily money diary , not a daily blog! We have enough to worry about or gloat over in our own daily lives. Also how many are actually factual?

    30
    See 5 more replies ▾
    Install the app to use these features.
    Mute Jason Memail
    Favourite Jason Memail
    Report
    Nov 12th 2023, 9:56 PM

    @Ollie Fitzpatrick: “everything I don’t like is fake”

    39
    Install the app to use these features.
    Mute Emer Daly
    Favourite Emer Daly
    Report
    Nov 12th 2023, 10:30 PM

    @Ollie Fitzpatrick: I know but it’d be very short if it was only about money spent. I dunno but I look forward to these diaries.

    60
    Install the app to use these features.
    Mute Maniac 2000
    Favourite Maniac 2000
    Report
    Nov 12th 2023, 11:13 PM

    @Ollie Fitzpatrick: the journal want information on what you do during the day. Makes it interesting and relatable

    26
    Install the app to use these features.
    Mute
    Favourite
    Report
    Nov 13th 2023, 12:11 AM

    @Ollie Fitzpatrick: Boring!

    8
    Install the app to use these features.
    Mute Ryan O'Rourke'Glynn
    Favourite Ryan O'Rourke'Glynn
    Report
    Nov 13th 2023, 12:54 AM

    @Ollie Fitzpatrick: don’t read them then?

    26
    Install the app to use these features.
    Mute offside again
    Favourite offside again
    Report
    Nov 12th 2023, 8:28 PM

    I spend as little as possible. I’m not mean, it’s just the way it was back when I was young. So it wouldn’t be an interesting diary ..
    There wasn’t such a variety of stuff to spend money on either.

    73
    Install the app to use these features.
    Mute Ron Burgundy
    Favourite Ron Burgundy
    Report
    Nov 13th 2023, 12:45 AM

    @offside again: there’s a lad on boards.ie that was due a free bottle of honey, cheap sh.te less that €2 and he drove to six different Lidls until he found one that had it in stock. Guy is all over freebies on every bargain alert thread, like a cheap suit. He got laughed out of it over there but I’d love to see his money diary here for the cringe factor laugh.

    31
    Install the app to use these features.
    Mute
    Favourite
    Report
    Nov 13th 2023, 1:59 AM

    @Ron Burgundy: there’s a big overlap of the r@tards from boards and the mong0s on the journal

    22
    Install the app to use these features.
    Mute Antóin Ó Cumamothóin
    Favourite Antóin Ó Cumamothóin
    Report
    Nov 12th 2023, 9:43 PM

    I was hoping to save up a few grand by next spring, but it’s looking uncertain now that my usual clientele have outsourced most escorting jobs to the Ukrainians.

    37
    Install the app to use these features.
    Mute ubeenfamed
    Favourite ubeenfamed
    Report
    Nov 12th 2023, 8:22 PM

    Comment test . Comment test

    32
    Install the app to use these features.
    Mute
    Favourite
    Report
    Nov 12th 2023, 10:15 PM

    @ubeenfamed: One.. Two… One.. Two… I think we’re good Jim.

    40
    Install the app to use these features.
    Mute Tommy Haze
    Favourite Tommy Haze
    Report
    Nov 12th 2023, 11:18 PM

    Make a budget at the start of the year then stick as close to it as you can.
    And remember..
    Every copper a prisoner.

    20
    Install the app to use these features.
    Mute
    Favourite
    Report
    Nov 13th 2023, 12:10 AM

    @Tommy Haze: Mind the pennies, and the pounds will take care of themselves, Tommy lad!

    20
    Install the app to use these features.
    Mute S Badger
    Favourite S Badger
    Report
    Nov 13th 2023, 8:04 AM

    I hope to go away this “spending season”. Don’t care where though, but wish to get away from this force fed spending atmosphere. I can barely keep the lights on, yet I work hard, full time. Call me a grinch, I can’t stand this time of year.

    17
    Install the app to use these features.
    Mute
    Favourite
    Report
    Nov 12th 2023, 10:27 PM

    There does be some right miserable feckers on this money diary thing wouldn’t spent a penny never see them buying drink or smokes or a big loan of scratch cards

    30
    Install the app to use these features.
    Mute P.J. Nolan
    Favourite P.J. Nolan
    Report
    Nov 13th 2023, 9:19 AM

    Ha ha but only someone who is tight with money would keep a money diary in the first place.
    Do you think someone who throws money around on drink, smokes and scratch cards would actually have the discipline to keep one?

    10
    Install the app to use these features.
    Mute Rob Cahill
    Favourite Rob Cahill
    Report
    Nov 13th 2023, 10:59 AM

    I would honestly be too scared to do this.. I have no idea how much I spend a week and I don’t want to know either.

    4
    Install the app to use these features.
    Mute
    Favourite
    Report
    Nov 13th 2023, 8:03 PM

    I’m buying nothing. There you go. You’re welcome

    3
    Install the app to use these features.
    Mute
    Favourite
    Report
    Nov 13th 2023, 8:06 PM

    Is Jesus Birthday not spending season. Ssshh don’t mention religion lads

    1
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.

Leave a commentcancel

 
JournalTv
News in 60 seconds