“Substantial progress” has been made in a U.S.-China trade deal after President Donald Trump’s aggressive tariffs fueled a trade war with the world’s second-biggest economy.
The two countries held high-stakes talks this weekend after being at loggerheads for weeks over the tariffs. While the administration has yet to share details of their deal, Treasury Secretary Scott Bessent described the Geneva discussions as “productive” and said the administration will share more on Monday.
“I'm happy to report that we made substantial progress between the United States and China in the very important trade talks,” Bessent said in a Sunday afternoon statement.
Bessent and U.S. Trade Representative Jamieson Greer were deployed to meet with their Chinese counterparts in Geneva in an attempt to thrash out a deal. Saturday’s meeting lasted at least eight hours, while Sunday’s lasted several hours, according to the Wall Street Journal.
“We will be giving details tomorrow, but I can tell you that the talks were productive,” Bessent said. “We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself.”
“And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on,” he added. “So, there will be a complete briefing tomorrow morning.”
Greer said “a lot of groundwork” went into the two days of talks.
“Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so 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 to work toward resolving that national emergency,” he said.
Trump similarly described the first day of meetings as “very good” in a Saturday night Truth Social post.
“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,” Trump wrote. “We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!”
China’s state-run news agency Xinhua described Saturday’s meetings as “an important step toward resolving the dispute,” according to the Wall Street Journal.
Trump imposed tariffs of 145 percent on Chinese goods, while China has set 125 percent tariffs on U.S. products, with huge consequences for both countries. China supplies a massive amount of electronics, toys, textiles and furniture to the U.S. as it buys grains and oilseeds from American farmers, as well as oil and gas.
But in recent days, Trump has hinted that he could lower the tariffs in a bid to turn down the heat between the two nations.
The president on Friday suggested lowering the tariffs to 80 percent.
Commerce Secretary Howard Lutnick said Friday that Trump may even settle near 34 percent during an interview with Fox News, the rate the president announced on April 2.
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