GENEVA: The first day of sensitive talks between US and Chinese delegations over tariffs that threaten to upend the global economy ended without major breakthroughs being announced, but President Donald Trump nonetheless touted “GREAT PROGRESS.”
The meeting lasted over 10 hours in Switzerland and featured Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and a delegation led by Chinese Vice Premier He Lifeng.
Hours after talks had concluded, Trump took to social media to suggest that a full reset of trade between the US and China could be on the table.
“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,” Trump wrote on his Truth Social platform. “We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!”

But he gave no further details, and officials at the White House also offered little information during and after the opening day of discussions.
Trump’s post followed an official telling The Associated Press that talks had wrapped up for the day and would continue Sunday. The official requested anonymity because of the sensitivity of the discussions, which could help stabilize world markets roiled by the US-China standoff. The talks have been shrouded in secrecy, and neither side made comments to reporters on the way out.

Several convoys of black vehicles left the residence of the Swiss ambassador to the UN in Geneva, which hosted the talks aimed at de-escalating trade tensions between the world’s two biggest economies. Diplomats from both sides also confirmed that the talks took place.
The opening day of negotiations were held in the sumptuous 18th-century “Villa Saladin” overlooking Lake Geneva. The former estate was bequeathed to the Swiss state in 1973, according to the Geneva government.

Trump’s assessment aside, prospects for a major breakthrough appeared dim when the talks opened. Still, there is hope that the two countries will scale back the massive taxes — tariffs — they have slapped on each other’s goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on US-China trade.
Trump last month raised US tariffs on China to a combined 145 percent, and China retaliated by hitting American imports with a 125 percent levy. Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped $660 billion.
And even before talks got underway, Trump suggested Friday that the US could lower its tariffs on China, saying in a Truth Social post that ” 80 percent Tariff seems right! Up to Scott.″

Sun Yun, director of the China program at the Stimson Center, noted it will be the first time He and Bessent have talked. She doubts the Geneva meeting will produce any substantive results.
“The best scenario is for the two sides to agree to de-escalate on the ... tariffs at the same time,” she said, adding even a small reduction would send a positive signal. “It cannot just be words.”
Since returning to the White House in January, Trump has aggressively used tariffs as his favorite economic weapon. He has, for example, imposed a 10 percent tax on imports from almost every country in the world.

But the fight with China has been the most intense. His tariffs on China include a 20 percent charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States.
The remaining 125 percent involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145 percent.
During Trump’s first term, the US alleged that China uses unfair tactics to give itself an edge in advanced technologies such as quantum computing and driverless cars. These include forcing US and other foreign companies to hand over trade secrets in exchange for access to the Chinese market; using government money to subsidize domestic tech firms; and outright theft of sensitive technologies.
Those issues were never fully resolved. After nearly two years of negotiation, the United States and China reached a so-called Phase One agreement in January 2020. The US agreed then not to go ahead with even higher tariffs on China, and Beijing agreed to buy more American products. The tough issues — such as China’s subsidies — were left for future negotiations.
But China didn’t come through with the promised purchases, partly because COVID-19 disrupted global commerce just after the Phase One truce was announced.
The fight over China’s tech policy now resumes.
Trump is also agitated by America’s massive trade deficit with China, which came to $263 billion last year.
Trump slaps hefty tariffs on Switzerland
In Switzerland Friday, Bessent and Greer also met with Swiss President Karin Keller-Sutter.
Trump last month suspended plans to slap hefty 31 percent tariffs on Swiss goods — more than the 20 percent levies he plastered on exports from European Union. For now, he has reduced those taxes to 10 percent but could raise them again.
The government in Bern is taking a cautious approach. But it has warned of the impact on crucial Swiss industries like watches, coffee capsules, cheese and chocolate.
“An increase in trade tensions is not in Switzerland’s interests. Countermeasures against US tariff increases would entail costs for the Swiss economy, in particular by making imports from the USA more expensive,” the government said last week, adding that the executive branch “is therefore not planning to impose any countermeasures at the present time.”
The government said Swiss exports to the United States on Saturday were subject to an additional 10 percent tariff, and another 21 percent beginning Wednesday.
The United States is Switzerland’s second-biggest trading partner after the EU – the 27-member-country bloc that nearly surrounds the wealthy Alpine country of more than 9 million. US-Swiss trade in goods and services has quadrupled over the last two decades, the government said.
The Swiss government said Switzerland abolished all industrial tariffs on Jan. 1 last year, meaning that 99 percent of all goods from the United States can be imported into Switzerland duty-free.
 

DHAKA, Bangladesh: The interim government in Bangladesh on Saturday banned all activities of the former ruling Awami League party headed by former influential Prime Minister Sheikh Hasina, who was ousted last year in a mass uprising.
Asif Nazrul, the country’s law affairs adviser, said late Saturday the interim Cabinet headed by Nobel Peace Prize laureate Muhammad Yunus decided to ban the party’s activities online and elsewhere under the country’s Anti-Terrorism Act. The ban would stay in place until a special tribunal completes a trial of the party and its leaders over the deaths of hundreds of students and other protesters during an anti-government uprising in July and August last year.
“This decision is aimed at ensuring national security and sovereignty, protection of activists of the July movement, and plaintiffs and witnesses involved in the tribunal proceedings,” Nazrul told reporters after a special Cabinet meeting.
Nazrul said the meeting Saturday also expanded scope for trying any political parties involving charges of killing during the anti-Hasina protest being handled by the International Crimes Tribunal.
He said a government notification regarding the ban would be published soon with details.
Hasina and many of her senior party colleagues have been accused of murder in many cases after her ouster last year. Hasina has been in exile in India since Aug. 5 as her official residence was stormed by protesters soon after she left the country.
The United Nations human rights office in a report said in February that up to 1,400 people may have been killed during three weeks of anti-Hasina protest.
Saturday night’s dramatic decision came after thousands of protesters, including supporters of a newly formed political party by students, took to the streets in Dhaka and issued an ultimatum to ban the Awami League party by Saturday night. The members of the student wing of the Jamaat-e-Islami party also prominently took part in the protest.
There was no immediate reaction from Hasina or her party, but the chief of the National Citizen Party, Nahid Islam, who is also a student leader, applauded the Yunus-led government for its decision.
The student-led uprising ended Hasina’s 15 years of rule, and three days after her fall Yunus took the helm as interim leader.