Bessant told reporters that detailed information would be announced on Monday and that US President Donald Trump was fully aware of the results of the “productive talks”.
GENEVA: US Treasury Secretary Scott Bessant on Sunday reported “substantial progress” in US talks with China’s top economic officials to defuse a damaging trade war but gave no details about an agreement reached after two days of talks in Geneva.
Bessant told reporters 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 attended the talks with Bessant, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the findings as “an agreement reached with our Chinese partners” that will help reduce the US$1.2 trillion global goods trade deficit.”And as the secretary mentioned, it’s been a very constructive two days.
It’s important to understand how quickly we were able to reach an agreement, which shows that the differences were not as great as perhaps thought,” Greer said, adding that Chinese officials were “tough negotiators.
“The meeting was the first face-to-face talks between Bessant, Greer and He since the world’s two largest economies imposed tariffs of more than 100% on each other’s goods.
Though Bessant has said bilateral tariffs were too high and needed to be reduced to ease tensions, he did not give any details of the agreed cuts and did not take any questions from reporters.
Earlier, White House economic adviser Kevin Hassett had said China was “very, very eager” to engage in discussions and balance trade relations with the US.
Hassett also told Fox News that more foreign trade deals with other countries could be reached as early as this week.
Earlier in the night, Trump gave a positive assessment of the talks, saying the two sides had negotiated “a complete reset … in a friendly, but constructive way.”
“Had a very good meeting with China in Switzerland today. Many things were discussed, many things were agreed upon,” Trump posted on his Truthout social platform. “We want to open China up to American trade for the good of both China and the United States. Great progress made!!!,”
Trump said without elaborating on the progress. Speaking on “Sunday Morning Futures” with Maria Bartiromo on Fox News, Hassett said Beijing is eager to re-establish trade relations with the United States. “It seems like the Chinese are very eager to play ball and get things back to normal,”
Hassett said. Hassett also said more trade deal announcements could be imminent after the deal with the United Kingdom was announced last week. He said he was briefed by Commerce Secretary Howard Lutnick along with USTR Greer about two dozen deals pending in development.
“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, which sits on the banks of Lake Geneva in the leafy suburb of Cologny.
Black Mercedes vans with sirens whizzed to and fro to the venue, which was bathed in bright sunlight.
Neutral Switzerland was chosen as the venue following efforts by Swiss politicians who had recently visited 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.
(Except for the headline, this story has not been edited by TP news staff and is published from a syndicated feed.)
One thought on “Bridging the Gap: US and China Strike Trade Deficit Deal.”
It’s interesting to see how quickly the US and China managed to reach an agreement after such high tensions. The fact that both sides described the talks as “productive” and “constructive” suggests a willingness to move forward. However, I’m curious about the specifics of the tariff reductions—why weren’t more details shared with the public? It’s also notable that Chinese officials were described as “tough negotiators,” which makes me wonder what compromises were made on both sides. Do you think this agreement will have a long-term impact on global trade, or is it just a temporary fix? The mention of a “complete reset” sounds promising, but I’m skeptical about how sustainable it will be. What’s your take on Trump’s positive assessment—do you think it’s genuine or just political posturing?
It’s interesting to see how quickly the US and China managed to reach an agreement after such high tensions. The fact that both sides described the talks as “productive” and “constructive” suggests a willingness to move forward. However, I’m curious about the specifics of the tariff reductions—why weren’t more details shared with the public? It’s also notable that Chinese officials were described as “tough negotiators,” which makes me wonder what compromises were made on both sides. Do you think this agreement will have a long-term impact on global trade, or is it just a temporary fix? The mention of a “complete reset” sounds promising, but I’m skeptical about how sustainable it will be. What’s your take on Trump’s positive assessment—do you think it’s genuine or just political posturing?