NewzVille International
Chinese and U.S. delegations, led by Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent, met in Geneva for a second day of trade negotiations aimed at extending the ongoing 90-day trade treaty, which is set to expire on 12 August.
Under the current agreement, the U.S. has capped tariffs on Chinese goods at 30%, while China has limited its levies on American products to 10%, a significant easing after years of a tariff-heavy trade war.
According to the South China Morning Post, expectations are rising for a 90-day extension of the treaty.
The talks come on the heels of a recent U.S.-EU trade agreement, setting 15% tariffs on EU imports. Meanwhile, former U.S. President Donald Trump has threatened 50% tariffs on imports from Brazil and India unless new trade deals are reached soon.
The outcome of the Geneva talks is expected to significantly shape global trade dynamics in the coming months.
