Story perspectives

Trump Declares 'Total Reset' in US-China Trade Talks

5/11/2025

48 8

Summary

Story summary

President Trump declared "great progress" in US-China trade talks, labeling them a "total reset."
Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng participated, targeting tariff reductions.
Trump proposed lowering tariffs on Chinese goods from 145% to 80%, seeking to enhance US business access.
The trade war has negatively affected global supply chains and economic growth.
Ongoing negotiations face skepticism from analysts regarding potential breakthroughs.

History

Historical Context

President Trump's recent declaration of a "total reset" in US-China trade talks echoes past trade tensions, notably the 1930 Smoot-Hawley Tariff Act, which raised tariffs and worsened the Great Depression. Similar to the current situation, that act led to retaliatory tariffs and strained international relations. Trump's proposed tariff reductions aim to alleviate ongoing economic impacts from the trade war, reflecting historical patterns of economic negotiation and conflict.

1 of 2

Story summary

President Trump declared "great progress" in US-China trade talks, labeling them a "total reset."
Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng participated, targeting tariff reductions.
Trump proposed lowering tariffs on Chinese goods from 145% to 80%, seeking to enhance US business access.
The trade war has negatively affected global supply chains and economic growth.
Ongoing negotiations face skepticism from analysts regarding potential breakthroughs.

1 / 2