VS-China trading conversations: Treasury secretary emphasizes 'substantial progress' with negotiations such as furious Trump rates weave | Mint

Treasury Secretary Scott Besent said they made “significant progress” in trade talks between the US and China after two days of negotiations with Chinese delegation amid the furious Trump tariffs, news agency AP reported on Sunday, May 11. “I reported that we made a significant progress between the United States and China in the very important trade conversations,” Scott Bestent said the news agency said. The US Treasury Secretary said he realized that the differences may not be so great between the two nations facing each other after US President Donald Trump launched his reciprocal rates last month. He also said, referring to Donald Trump, that they are making “great progress” and also suggested that there may be a stage of a “total breakdown” of the prevailing rates, which created a situation of uncertainty in the global economy. What did China say? According to the news agency report, the Chinese delegation did not have an immediate assessment of what happened, but China hit a more measured tone about the negotiations. “Reject any proposal that jeopardizes the core principles or undermines the broader cause of global fairness,” China said, according to state -owned news agency. US officials also plan to do a media briefing on Monday, May 12, which will reveal more information about the progress of both countries. “It’s important to understand how quickly we could come to an agreement, which reflects that the differences may not have been so great as far as may have been thought,” said Jamieson Greer, American merchandise proposed to President Donald Trump. The priority of US President Donald Trump’s priority is to close the trade margin with China, which was at $ 263 billion at the end of last year, the news agency reports, citing Greer. “We are confident that the agreement we have entered into with our Chinese partners will help us resolve, to resolve the national emergency,” he said according to the news release. Trump imposed a joint rate of 145 percent on all imports of goods from China, while the Asian nation refuts with 125 percent import tax on US goods in their country. “Conversations should never be a pretext for continued coercion or extortion, and China will reject any proposal that undermines the core principles or undermines the broader cause of global fairness,” the Chinese government said according to the Xinhua report cited by the news agency.