President Trump on Saturday suggested a “total reset” in U.S.-China trade relations amid talks over tariffs in Switzerland between the two countries.
“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!” the president said in a post on his Truth Social platform.
The Associated Press reported Sunday that tariff talks between China and the U.S. had started up again that day, but the perception of how the talks were going seemed to be different between the two countries. China was going to "firmly reject any proposal that compromises core principles or undermines the broader cause of global equity," its official news agency said, per the AP.
During the first few months of his second term, Trump’s tariff policy has rattled global markets, strained relationships with trading partners like China, the European Union and Canada and increased economic anxiety worldwide.
In a recent interview, Commerce Secretary Howard Lutnick said that the Trump administration was seeking to de-escalate tension over tariff policy, but initially needed to get the trade disagreement with China “right.”
“So I think the president would like to work it out with China, as he said, he’d like to deescalate it. But look, he’s not going to live with a trillion-dollar deficit,” Lutnick said on Friday.
“He’s just not going to do it. So the idea is de-escalate, but let’s get China trade right, and let’s get trade deals with the rest of the world,” he continued. “Let’s cut our trade deficit down. Let’s grow our GDP.”
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