Tensions between the US and China are running high, with trade wars taking a toll on the global economy. In a bid to ease the strain, top officials from both countries are set to meet in London on Monday.
The US team, led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative James Greer, will sit down with Chinese Vice Premier He Lifeng. This meeting is a follow-up to a phone call between President Donald Trump and Chinese President Xi Jinping last Thursday, where they agreed to work towards a mutually beneficial solution.
Recently, both nations agreed to reduce tariffs on each other’s imported goods by 15% for 90 days. This move has brought some relief to markets, with US tariffs on Chinese goods dropping to 30% and Chinese tariffs on US goods falling to 10%. However, this temporary fix doesn’t address the broader issues straining US-China relations, including the trade of illegal fentanyl and Taiwan’s self-governance status.
The US has also expressed discontent with China’s export-driven economic model. As the world watches, the upcoming talks in London will be crucial in determining the future of US-China trade relations. Will they be able to find common ground and ease the pressure on the global economy?
Source: cna