U.S. China’s Talk Talks to continue Sunday after the first day accumulate as it becomes secret

The sensitive talks between United States and Chinese delegations on tariffs that threaten to improve the global economy ended after a day of prolonged negotiations and will resume Sunday, said an official at Associated Press.

There was no immediate indication if he advanced on Saturday during the meeting for 10 hours between Treasury Secretary, Scott Bessent, United States commercial representative, Jamieson Greer and a delegation led by the vice -chinese minister He Lifeng.

The officer who spoke with the AP requested anonymity due to the sensitivity of the conversations, which could help stabilize the world markets dragged by the United States-Chinese stop. The conversations have been surrounded by secret and neither of them gave the journalists comments on the way out.

Several convoys of black vehicles left the UN ambassador’s residence in the UN in Geneva, which welcomed talks for commercial tensions between the two largest economies in the world. Diplomats on both sides also confirmed that the talks took place.

Saturday talks were held at the “Villa Saladin” in the eighteenth century overlooking Lake Geneva. According to the Geneva government, the old estate was bequeathed to the Swiss state in 1973.

The prospects for a breakthrough seem to be dim. But there is hope that the two countries will reduce the massive taxes (rates) that have been evident on the goods, a movement that would relieve financial markets and world companies on both sides of the Pacific Ocean that depend on American-medine.

United States President Donald Trump last month increased US rates in Chinato 145% combinedand China was represented when hitting North -American imports with an amount of 125%. High rates are essentially that the boycott of the countries would take into account the products, disrupting the trade that last year exceeded $ 660 million.

Even before the talks began, Trump suggested on Friday that the United States could diminish their rates in China, saying in a real social site that “80% of the rate seems correct! Up to scott. ″

Sun Yun, director of the Stimson Center China program, said that it will be the first time he and Bessent have spoken. She doubts that the gunbra meeting will produce substantial results.

“The best scenario is that the two parties agree to slow down … “Can’t be just words.”

Ever since he returned to the White House in January, Trump has aggressively used rates as atheir favorite economic weapon. Has, for example,imposed a 10% tax on importsof almost every countries of the world.

But the struggle with China has been the most intense. Its rates in China include a 20% charge for pressing Beijing to do more to stop the flow of the Fentanil synthetic opioid in the United States. The remaining 125% involves a dispute that goes back to the first term of Trump and reaches the rates he collected in China at the time, which means that total rates on some Chinese goods can exceed 145%.

During Trump’s first term, the United States claimed that China uses unfair tactics to give an advantage in advanced technologies such as quantum computer science and driverless cars. These include force the United States and other foreign companies to deliver commercial secrets in exchange for access to the Chinese market; use government money to subsidize domestic technology companies; and the theft of sensitive technologies.

These problems were never fully resolved. After almost two years of negotiation, the United States and China reached an agreement called the One Phase in January 2020. The United States agreed not to advance with even higher rates in China and Beijing agreed to buy more American products. Hard problems, such as China subsidies, were left for future negotiations.

But China did not reach promises, partly because Covid-19 interrupted global trade right after its announcement of the truce.

The fight against China’s technological policy is now resumed.

Trump is also agitated by the massive commercial deficit of America with China, which reached $ 263 million last year.

Trump blows strong rates in Switzerland

In Switzerland on Friday, Bessent and Greer also met with Swiss President Karin Keller-Sutter.

Trump last monthSuspended plansTo hit 31% of rates on Swiss goods, more than 20% of collections that brought to exports from the European Union. For now, he has reduced these taxes to 10%, but he could lift them back.

The Berna government is adopting a cautious approach. But he has warned of the impact on the crucial Swiss industries such as watches, coffee capsules, cheese and chocolate.

“ An increase in commercial tensions is not in the interests of Switzerland. U.S. rates’ countermen against increasing rates would lead to the costs for the Swiss economy, in particular the US imports are more expensive, ” said the government last week, adding that the executive branch “ does not plan to impose any contamadia at the present moment. ”

The government said that Swiss exports to the United States on Saturday were subject to an additional 10% and another 21% from Wednesday.

The United States is the second largest trade partner in Switzerland after the EU, the 27 -member block, almost surrounding the rich alpine country of more than 9 million. The trade of American goods and services has quadrupled over the last two decades, the government said.

The Swiss government said that Switzerland abolished all industrial rates on January 1 last year, which means that 99% of all merchandise in the United States can be imported in Switzerland without homework.

This story originally presented to Fortune.com

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