China says Geneva trade talk meeting a first step; differences &frictions remain; win-win

China’s Vice Premier He Lifeng described the weekend talks with U.S. officials as an important first step in stabilising bilateral trade relations, acknowledging that while differences remain, saying frictions are unavoidable.

He underscored that the fundamental nature of China-U.S. trade is a mutual win-win, pushing back against zero-sum rhetoric that has recently dominated political discourse.

He said Beijing is prepared to work with Washington to manage differences constructively, expand areas of cooperation, and “make the pie of cooperation bigger.” He also pledged that both sides would aim to inject greater “certainty and stability” into the global economy, framing the talks as a foundation for broader de-escalation and mutual benefit.

Both China and the US have agreed to establish an “economic and trade consultation mechanism” that would involve recurring discussions.

Both sides are to issue a joint statement on Monday.

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FX markets have marked the USD broadly higher. Note that its VERY early in Asia, only just after 5.30 am in Tokyo and 4.30 am in Singapore and Hong Kong.

New Zealand its just after 8.30 am and Sydney 6.30 am.

This article was written by Eamonn Sheridan at www.forexlive.com.