Washington DC [US], May 13 (HBTV): Following trade talks in Geneva, where the United States and China agreed to withdraw reciprocal tariffs for an initial 90-day period, US President Donald Trump described the development as a ‘total reset’ in bilateral relations.

Trump characterised the discussions as friendly and remarked that ties with China are now ‘very, very good.’ He also hinted at a potential call with Chinese President Xi Jinping later in the week.

Addressing a press briefing at the White House on Monday, Trump stated: ‘The talks in Geneva were very friendly, the relationship is very good, we are not looking to hurt China. China has been hurt very badly. They were closing factories, they were having a lot of unrest. And they were very happy to be able to do something with us and the relationship is very, very good. Maybe I will speak with President Xi Jinping by the end of the week.’

Under the agreement reached in Geneva, both countries will withdraw their previously announced reciprocal tariffs and counter tariffs for an initial period of 90 days. During this period, China will impose a 10 per cent tariff on US goods, while the US will impose tariffs of about 30 per cent on Chinese goods.

According to a joint statement, the agreement acknowledges the significance of the US-China economic and trade relationship for both nations and the broader global economy. Both sides affirmed the need for a sustainable, long-term, and mutually beneficial relationship.

Reflecting on recent discussions, the US and China expressed optimism that continued engagement could address mutual concerns. As part of this effort, the two countries will establish a mechanism to facilitate ongoing dialogue on economic and trade matters.

The Chinese representative for these talks will be He Lifeng, Vice Premier of the State Council. On the US side, the discussions will be led by Treasury Secretary Scott Bessent and United States Trade Representative Jamieson Greer.

‘These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues,’ the joint statement noted.

Trump had previously imposed reciprocal tariffs on numerous countries with which the US runs a trade deficit. Following diplomatic engagements, the US administration agreed to pause the tariffs for 90 days starting April 9, during which a 10 per cent baseline tariff was imposed on all countries.

For China, Trump had earlier signalled that tariffs could be raised to as much as 245 per cent, while Chinese tariffs on US goods stood at 125 per cent.

Since beginning his second term, Trump has reiterated his stance on tariff reciprocity, stating that the United States will match tariffs imposed by other countries, including India, to ensure equitable trade relations.   

(ANI)