Top US officials involved in high-level trade negotiations with China have emerged from two days of intense discussions, proclaiming “substantial progress” and hinting at the possibility of a deal that could have profound implications for the global economy. Treasury Secretary Scott Bessent expressed optimism, stating, “I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks.” This statement was made during a brief press conference held on Sunday in Geneva, Switzerland, where the negotiations took place.
US Trade Representative Jamieson Greer indicated that an agreement had indeed been reached on Sunday. This development follows President Donald Trump's recent imposition of sweeping 145% tariffs on a majority of Chinese goods last month. Greer noted, “The president declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us work towards resolving that national emergency.” He further emphasized the speed at which the agreement was reached, suggesting that the differences between the two nations may not have been as significant as previously believed.
In light of these developments, CNN has reached out to the Treasury Department for clarification on the specifics of the deal. However, Bessent mentioned that further details would be disclosed on Monday morning. Before the talks commenced, officials from the Trump administration had tempered expectations, framing the meetings as a promising first step rather than a definitive conclusion to the negotiations.
Bessent highlighted the importance of de-escalating tensions between the US and China, particularly since the two nations have been at a near stalemate since the introduction of Trump’s tariff policy. “These are very tough negotiators,” Greer remarked about his Chinese counterparts, noting that they “worked very diligently” and that the last two days of discussions were “very constructive.”
Both Bessent and Greer, who refrained from taking questions from the press, have kept President Trump informed throughout the negotiation process. Trump had previously indicated his willingness to reduce the tariff rate on China to 80%, stating in a social media post that it was “up to Scott B.” The White House later clarified that concessions would also be required from China to finalize any agreement.
The weekend's negotiations represent a significant advancement towards thawing US-China trade relations, a crucial factor for both nations and the broader international market. As both sides continue to navigate their complex relationship, the outcomes of these discussions could lead to a more stable economic future.
