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Riyadh Economic Forum Tackles Strategic Issues, Solid Studies

Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum. (SPA)
Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum. (SPA)
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Riyadh Economic Forum Tackles Strategic Issues, Solid Studies

Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum. (SPA)
Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum. (SPA)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum, with a wide participation of government officials, economic experts and academics.

Prince Faisal bin Bandar stressed that the Custodian of the Two Holy Mosques’ sponsorship of the forum, since the launch of its first session in 2003 and throughout its journey, represented the greatest support for its work and activities in strengthening the national economy and raising its response to facing local, regional and global economic challenges, in line with the objectives of Vision 2030.

He added that the forum also reflected the Kingdom’s support for private sector institutions and the importance of raising their contribution to the achievement of a sustainable economic and social development, especially in light Saudi Arabia’s rapid economic growth and comprehensive renaissance.

The governor of Riyadh pointed that the forum sought to enhance the participation of female and male stakeholders, economic experts and academics to develop solid studies that accurately analyze the challenges facing the national economy in many of its sectors, and adopt a neutral and balanced scientific approach to find viable solutions.

For his part, Ajlan Al-Ajlan, Chairman of the Board of Directors of the Chamber of Commerce in Riyadh, pointed to the successes achieved by the forum through its previous nine sessions, emphasizing its recommendations and fruitful results that would contribute to raising the efficiency of the national economy and building an attractive investment environment.

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US, China Reach Deal to Cut Trade Deficit, US Officials Say

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
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US, China Reach Deal to Cut Trade Deficit, US Officials Say

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025. (Photo by VALENTIN FLAURAUD / AFP)

US Treasury Secretary Scott Bessent on Sunday reported "substantial progress" in US talks with China's top economic officials to de-escalate a damaging trade war, but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva.
Bessent told reporters that details would be announced on Monday and that US President Donald Trump was fully aware of the results of the "productive talks."
US Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion US global goods trade deficit.
"And this was, as the Secretary pointed out, a very constructive two days. It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said, adding that the Chinese officials were "tough negotiators"
The meeting was the first face-to-face interaction between Bessent, Greer and He since the world's two largest economies imposed tariffs well above 100% on each other's goods.
Although Bessent has said the bilateral tariffs were too high and needed to come down in a de-escalation move, he did not offer any details of reductions agreed and took no questions from reporters, Reuters said.
Earlier, White House economic adviser Kevin Hassett said the Chinese were "very, very eager" to engage in discussions and rebalance trade relations with the United States.
Hassett also told Fox News that more foreign trade deals could be coming with other countries as soon as this week.
Overnight, Trump gave a positive reading of the talks, saying the two sides had negotiated "a total reset... in a friendly, but constructive, manner."
"A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted 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!!!," Trump added, without elaborating on the progress.
Speaking on "Sunday Morning Futures" on Fox News with Maria Bartiromo, Hassett said Beijing is eager to re-set trade relations with the United States.
"It looks like the Chinese are very, very eager to play ball and to re-normalize things," Hassett said.
Hassett also said more trade deal announcements could be imminent following last week's announcement of an agreement with the United Kingdom. He said he had been briefed by Commerce Secretary Howard Lutnick on two dozen pending deals in development with USTR Greer.
"They all look a little bit like the UK deal but each one is bespoke," Hassett said.
GATED VILLA
The negotiating teams met at the gated villa of Switzerland's UN ambassador, overlooking Lake Geneva in the leafy suburb of Cologny. Black Mercedes vans with sirens shuttled to and from the venue, which was bathed in bright sunshine.
Neutral Switzerland was chosen as the venue following approaches by Swiss politicians on recent visits to China and the United States.
Washington is seeking to reduce its $295 billion goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms.