CNN
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Top US officials involved in high-level trade negotiations with China emerged from two days of talks touting “substantial progress” and appearing to confirm that a deal between the two countries had been reached, which could have massive implications for the global economy.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Treasury Secretary Scott Bessent said in a brief statement Sunday in Geneva, Switzerland, where the talks were held, calling the negotiations “productive.”
US Trade Representative Jamieson Greer indicated that an agreement had been reached Sunday, after President Donald Trump imposed sweeping 145% tariffs on most Chinese goods last month.
“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 resolve work toward resolving that national emergency,” Greer said.
He added, “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.”
CNN has asked the Treasury Department for clarification on the deal, though Bessent said that details will be shared on Monday morning. Ahead of the talks, Trump administration officials downplayed expectations that a deal would be reached this weekend, characterizing the meetings as a good first step. Bessent had suggested earlier this week that his goal was de-escalation of tensions as the US and China have been at a virtual stalemate since Trump imposed his tariff policy.
“These are very tough negotiators,” Greer said of his Chinese counterparts, saying the group “worked very diligently” and the last two days were “very constructive.”
Bessent said he and Greer, who did not take questions from the press, have briefed Trump, who he described as “fully informed.”
Trump indicated ahead of the talks that he was willing to lower the tariff rate on China to 80%, saying in a post to social media that it was “up to Scott B.,” referring to Bessent. The White House later clarified that China also needed to make concessions.
The weekend talks marked a significant step toward thawing US-China trade relations.
