China Promises to Maintain "Fairness" in Trade Talks with the U.S.
China committed on Wednesday to protect "fairness" in its trade discussions with the United States, which will take place this weekend in Switzerland. These talks are the first since President Donald Trump destabilized global markets by imposing worldwide tariffs. During Trump's second term in the White House, the U.S. implemented new tariffs of up to 145% on various Chinese imports, along with additional levies on certain specific sectors.
In response, China slapped 125% tariffs on American products, while keeping the door open for negotiations if Washington took the first step. The discussions this weekend in Switzerland were requested by the United States, clarified the Chinese Foreign Ministry. "Any dialogue must be based on fairness, respect, and mutual benefit. Pressure or coercion will not work with China," emphasized Lin Jian, a spokesperson for the ministry. The negotiations will take place in Geneva, as indicated to AFP by Valentin Clivaz, a spokesperson for the Swiss Foreign Ministry. "We are in contact with both parties to organize the meeting," he stated.
As part of the U.S. delegation, Treasury Secretary Scott Bessent and U.S. Trade Representative (USTR) Jamieson Greer will be attending, and they informed about their participation in the negotiations. "I hope to have productive conversations as we work to rebalance the global economic system and better serve the interests of the United States," Bessent said in a statement. In an interview with Fox News, he mentioned that both parties will meet on Saturday and Sunday to lay the groundwork for future negotiations. "We're going to agree on the topics of discussion. My impression is that it will be more about de-escalation than a significant trade agreement," he added. Bessent also acknowledged that the current situation "is not sustainable (...) especially for China." "145% and 125% are practically like an embargo. We don't want to disconnect; we're looking for fair trade," he assured.
The Chinese Foreign Ministry mentioned that its delegation will be led by Vice Premier He Lifeng. The Ministry of Commerce also expressed its commitment to "defend fairness" and support its representatives during the negotiations. To address this issue, the United States "must acknowledge the serious negative impact of unilateral tariff measures, both for itself and for the world," stated a spokesperson for the Chinese ministry. "If the United States says one thing but does another, or tries to keep pressuring and blackmailing China under the guise of dialogue, China will never accept it," he added. At the same time, Beijing's central bank announced several monetary easing measures to support an economy facing low domestic consumption and the repercussions of the trade war with the United States. They announced a 0.5% reduction in the reserve requirement ratio for banks to facilitate credit, and a cut of one-tenth of a percentage point in the seven-day reverse repurchase rate to increase liquidity.
This type of negotiation demonstrates the complexity of international trade relations and the ongoing back-and-forth between economic powers. How both countries handle the situation can have a significant impact not only on their economies but also on global economic stability. In times of uncertainty, it’s crucial that both parties seek sustainable and fair solutions that promote trade and avoid escalating tensions that could harm everyone involved.
