The White House announced Sunday that the United States has reached a trade deal with China following two days of intensive talks in Geneva. This signaled a potential de-escalation in the trade tensions that have marked the relationship between the world’s two largest economies.
Secretary of the Treasury Scott Bessent and U.S. Trade Representative Ambassador Jamieson Greer addressed the media, reporting “substantial progress” and a productive round of negotiations.
While specific details of the agreement are expected to be released tomorrow, the announcement suggests a significant step forward in resolving the issues that led to the imposition of U.S. tariffs and China’s retaliatory measures.
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“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks,” said Bessent.
He extended thanks to the Swiss government for providing a conducive venue, which he believes contributed to the productivity of the discussions.
Ambassador Greer highlighted the speed at which an agreement was reached, noting, “This was, as the Secretary pointed out, a very constructive two days. 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.”
U.S. officials underscored the context of the negotiations, referencing the “massive $1.2 trillion trade deficit” that the United States faces with China, which had led President Trump to declare a national emergency and impose tariffs.
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Ambassador Greer stated, “we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”
The U.S. delegation included Secretary Bessent and Ambassador Greer, who engaged with China’s vice premier and two vice ministers. Both Bessent and Greer confirmed they had spoken with President Trump last night, who is “fully informed of what is going on.”
A complete briefing with further details of the trade deal is scheduled for tomorrow morning.
The talks in Geneva come amidst heightened global economic uncertainty partly fueled by the ongoing trade dispute. The prospect of a de-escalation and a concrete agreement is likely to be welcomed by businesses and markets worldwide.
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