Breakthrough in U.S.-China Trade Talks: Treasury Secretary Announces 90-Day Tariff Pause
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Breakthrough in U.S.-China Trade Talks: Treasury Secretary Announces 90-Day Tariff Pause
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The Treasury Secretary declared on May 12 that "substantial progress" had been made between the two economic powerhouses. Speaking alongside U.S. Trade Representative Ambassador Jamieson Greer, Bessent credited the Swiss government for providing an excellent venue that contributed to the productivity of the negotiations.
This development represents a potential turning point in U.S.-China relations after months of escalating tensions. The pause comes as welcome news to markets that have been unsettled by recent trade hostilities. Ambassador Greer emphasized the significance of how quickly an agreement was reached, suggesting that "the differences were not so large as maybe thought."
The Geneva talks were the culmination of preparations that began earlier this month. On May 8, Bessent traveled to Switzerland where he met with Swiss President Karin Keller-Sutter and representatives from China. The Treasury Department had previously announced this trip, highlighting that "economic security is national security" and expressing Bessent's commitment to rebalancing the international economic system to better serve U.S. interests.
Prior to this breakthrough, Bessent had been implementing President Trump's economic agenda focused on three core components: trade, tax cuts, and deregulation. In April, he characterized these policies as "interlocking parts of an engine designed to drive economic growth and domestic manufacturing."
Speaking at the Saudi-U.S. Investment Forum on May 13, Bessent continued to emphasize the administration's priorities, including strengthening international relationships. He noted that one of his first actions after taking office was to contact financial leaders in Tokyo and Saudi Arabia, underscoring the importance of these partnerships to the U.S. government.
The Treasury Secretary has consistently advocated for what he calls "Main Street's turn" in the economy. In recent appearances, he has stated that while Wall Street has grown wealthier over the past four decades, the Trump administration is now focused on enabling Main Street businesses to "hire workers, drive investment, and restore the American Dream."
As the 90-day tariff pause begins, analysts and market watchers are hopeful that this temporary truce will lead to further negotiations and a more stable trade relationship between the world's two largest economies.