Washington optimistic, Beijing is discreet – Liberation
Donald Trump wants to go back to zero with Beijing and the optimism of his Secretary of the Treasury, Scott Bessentshould delight it. At the end this Sunday, May 11 of two days of negotiations with China in Geneva, intended to lower the tension between the first two world economies, the latter reported « Substantial progress » With Beijing. Trade differences between the two countries « Are not as tall as one could imagine », Added Jamieson Greer, the American representative to trade, ahead of journalists in Switzerland. The two men did not answer any questions and Bessent said that the details of the plan under discussion would be presented on Monday.
After having launched in an overbidding of surcharge of customs duties -up to 145 % tax-against hundreds of billions of dollars in Chinese products imported into the United States, the American president had praised on Saturday evening « A reset to zero has been negotiated in a friendly but constructive manner » On its Truth Social network, adding in capitals and with a lot of exclamation points: « Large progress have been made !!! «
This Sunday, US Secretary for Trade, Howard Lutnicka faithful of the president, also wanted to reassure in an interview with CNN: « We are optimistic about the fact that things will be fine. » “It’s really important for the United States. This is important for China ”, he said, assuring that the American delegation « Work hard » To achieve an agreement, without providing more details on the content of the discussions.
Chinese side, Nothing filtered, except a line from the news agency China Nouvelle which had qualified discussions on the banks of Lake Geneva« Important step in promoting litigation resolution ».
The two very high level delegations are carried out, on the American side, by the secretary of the Treasury, Scott Bessent, and the representative to the trade, Jamieson Greer, while China has dispatched the Chinese Deputy Prime Minister, He Lifeng.
The negotiations are held in camera in the residence of the Swiss representative with the United Nations, a opulent villa nestled on the left bank of Lake Geneva. The talks, who had lasted ten hours on Saturday, Has resumed shortly after 10 hours French time this Sunday and must end at the end of the day.
« These negotiations reflect the fact that the current state of trade relations, with these prohibitive customs rights, is ultimately in the interest either of the United States or China », underlines Nathan Sheets, chief economist at Citigroup.
Geneva welcomes the first face-to-face meeting of senior officials from the two largest world economies since their crazy climbing in the trade war. So far, bilateral exchanges were practically stopped and The markets have experienced violent upheavals.
Friday, Donald Trump had made a gesture by suggesting lowering customs duties to 80 % that he himself imposed on Beijing. His spokesperson Karoline Leavitt still hastened to specify that Washington would not drop his taxes unilaterally and that China was also to make concessions.
The simple fact that these discussions take place « Is good news for trade and financial markets », Esimes Gary Hufbauer, from the Peterson Institute for International Economics (PIIe). However, this expert shows himself « Very skeptical about a return to a normal situation in trade relations between China and the United States ».
« Customs duties of 145 % are absolutely prohibitive ”, he continues, adding that even lowered to 70 % or 80 % as a question, the level of transactions between the two countries would be divided by two.
The Chinese Deputy Prime Minister arrived in Geneva with it seems an asset: Beijing announced on Friday a leap of 8.1 % of its exports in April, a figure four times higher than the forecasts of the analysts. But exports to the United States fell by almost 18 %.
