US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer said on Sunday they struck a deal with China to cut the US trade deficit at high-stakes talks.
Describing “substantial progress” in talks with Chinese officials, the trade representatives say details will be announced on Monday after two days of negotiations conclude in Geneva.
Bessent and Greer did not mention any plans to slash punishing .
What are the goals for these negotiations?
The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Donald Trump’s global tariff blitz aimed at tackling a national emergency he declared over growing US trade deficits.
“We’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,” Greer said.
The mutual US-China tariffs have brought nearly $600 billion in two-way trade to a standstill. China had insisted that tariffs be lowered in any talks.
What has Trump said about the deal?
“A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!” — Donald Trump, President of the United States wrote on Truth Social.
Could this be the end to the trade war?
With distrust running high, both sides have been keen not to appear weak, and economic analysts had low expectations of a breakthrough.
Trade Representative Jamieson Greer called Chinese Vice Premier He Lifeng, Vice Commerce Minister Li Chenggang and Vice Finance Minister Liao Min “tough negotiators.”
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