It was a busy weekend for negotiators in Switzerland. The U.S. and China have taken the first steps in de-escalating the trade conflict between the two countries. The talks were summarized by the White House this morning.
The White House confirmed this morning at 9am Swiss time that He Lifeng, Vice Premier of the State Council would be the representative from the Chinese side going forward in trade talks. Scott Bessent, Secretary of the Treasury, and Jamieson Greer, U.S. Trade Representative, will represent the U.S.
For now tariffs have been rolled back to 10 percent by both sides until further discussions.
Bloomberg reported that negotiations had been undertaken in positive tone with both sides complimenting the other.
“It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought,” Greer said. “That being said, there was a lot of groundwork that went into these two days.”
