Overview

• US President Donald Trump has suggested reducing tariffs on Chinese imports from 145% to 80%, signaling a potential shift in the ongoing trade standoff.
• US and Chinese officials, including Finance Minister Scott Bessent and Vice Premier He Lifeng, are meeting in Geneva to explore possible de-escalation measures, though expectations remain low for immediate breakthroughs.
• The European Union is preparing €95 billion in counter-tariffs and WTO litigation against the US, while also advocating for a zero-tariff agreement on industrial goods.
• Allianz Trade warns that redirected Chinese exports to Europe due to US tariffs could jeopardize up to 25,000 German manufacturing jobs, particularly in machinery and automotive sectors.
• German Chancellor Friedrich Merz has called for the abolition of all transatlantic tariffs, emphasizing a 'zero is best' approach in talks with Trump.