Geneva [Switzerland]: The United States and China have reached a preliminary trade agreement following two days of negotiations in Geneva, the White House announced on Sunday.
US Secretary of the Treasury Scott Bessent described the talks as highly productive, citing substantial progress between the delegations.
“We made substantial progress between the United States and China in the very important trade talks,” Bessent said in an official statement.
He expressed gratitude to the Swiss government for hosting the discussions, stating,
“The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we’ve seen. We will be giving details tomorrow, but I can tell you that the talks were productive.”
Bessent confirmed that high-level Chinese officials, including the Vice Premier and two Vice Ministers, participated in the negotiations. He also noted that both he and US Trade Representative Ambassador Jamieson Greer briefed President Donald Trump on the developments.
Ambassador Greer added that the agreement was reached swiftly, suggesting that the differences between the parties were not as significant as previously assumed.
“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 remarked.
He pointed to the United States’ $1.2 trillion trade deficit as a major driver behind the negotiations.
“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,” he said.
Greer expressed confidence that the new deal would aid in addressing the long-standing imbalance.
In a follow-up statement, President Trump indicated a willingness to ease the punitive 145% tariff currently imposed on Chinese goods.
“An 80 per cent tariff on China seems right,” Trump reportedly said, noting that Treasury Secretary Bessent would have the final say on the matter.
Details of the agreement are expected to be disclosed during a scheduled briefing on Monday morning.