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The White House Economic Advisor announced the latest status regarding the customs tariff discussions with China!
U.S. White House Economic Advisor Kevin Hassett stated in remarks made on Fox News Sunday Morning Futures that Secretary of Commerce Howard Lutnick and U.S. Trade Representative Greer are working on approximately 24 trade agreements.
Hassett stated that China is "very eager" to rebalance its trade relations with the US and to start negotiations. Hassett also mentioned that new trade agreements could be announced within this week.
On the other hand, Hong Kong Chief Executive John Lee stated in a market briefing organized by the Qatar branch of Standard Chartered Bank that the current customs tariff war has created uncertainties, but at the same time, the new order presents opportunities.
High-level Chinese and U.S. trade officials held high-stakes talks over the weekend to ease a trade war that has disrupted global supply chains and triggered concerns of a prolonged economic downturn, with the world watching closely.
According to Agence France-Presse, Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer resumed negotiations on Sunday shortly after 10 a.m. local time in Geneva, Switzerland.
In the midst of an unprecedented trade war where both sides have raised their import tariffs above 100%, this meeting, which is the first high-level discussion between the world's two largest economies, took place following an eight-hour meeting behind closed doors on Saturday.