Geneva, May 12 (HS): After a two-day discussion aimed at reducing the ongoing trade war between the United States and China, ‘significant progress’ has been made. US Treasury Secretary Scott Bassent reported this on Sunday. However, he did not share details of the agreement and stated that an announcement would be made on Monday. He did emphasize that there is a need to reduce the excessive tariffs imposed between the two countries, but it was not clarified whether any agreement had been reached in that regard.

US Trade Representative Jamison Greer described the talks as a successful and practical agreement that would help reduce America’s $1.2 trillion global trade deficit. He stated, The two days of discussions were extremely constructive. This indicates that the differences between the US and China were not as severe as anticipated. He also acknowledged that the Chinese negotiators were very tough bargainers. Greer participated in these talks with Chinese Vice Premier He Lifeng and two other Chinese deputy ministers.

White House economic adviser Kevin Hassett also mentioned that China is very eager to restore trade balance with the US, and that trade agreements may occur with other countries in the coming days.

Meanwhile, US President Donald Trump referred to these talks as the beginning of a new chapter for both countries. He wrote on the social media platform ‘Truth Social,’ Had a very good meeting with China. Many important issues were discussed and a lot was settled. This is a great progress for both countries.

These talks occurred at a time when the US and China have imposed tariffs exceeding 100% on each other’s products, impacting global trade and investment.

Hindusthan Samachar / Jun Sarkar