The White House announced on Sunday that a trade deal with China has been struck after two days of talks in Geneva.
The announcement in the press release told reporters that U.S. Treasury Secretary Scott Bescent had told reporters that there had been “substantial progress” in a meeting between his team and China’s vice-president, and that in Geneva he was Lifeenger, as Donald Trump’s 145% Tarif eased the trade war between the two biggest economies in the world, where Donald Trump’s 145% taxief burned sparks.
In a statement posted on social media by the White House, Bescent said he would provide more details on Monday.
“We are pleased to report that great progress has been made between the US and China in a very important trade talks,” Bescent told reporters.
US trade representative Jamieson Greer spoke with Bescent, but more strongly suggested that the deal had been reached.
“It’s important to understand how quickly we were able to reach an agreement, which probably reflects the difference wasn’t as big as it was thought,” Greer said.
“Remember why we’re here in the first place,” he added. “With the US’s massive $1.2 trillion trade deficit, the President declared a national emergency and imposed tariffs. I am confident that transactions with Chinese partners will be resolved and will help them work towards resolving the country’s emergency.”
Bescent said he informed Trump of progress in the talks.
The conference was the first face-to-face interaction between Bessent, Greer, and him since the world’s two biggest economies imposed tariffs well over 100% on each other’s goods.
Bessent said bilateral tariffs are too high and need to be down with a move to de-extend emissions, but he did not provide details of the cuts he agreed to and did not ask a question from reporters.
On Saturday night, Trump wrote to his social media platform that both sides are working on “a total reset… in a friendly and constructive way.”
“A lot of things were discussed and a lot of things agreed,” Trump posted. “We want to see China open to American businesses for the benefit of both China and the US. Great progress!!!” Trump added. Trump’s rhetoric, that China needs to be “opened” to American businesses, appears to have ignored half-century of trade between the two countries since one of his political heroes, Richard Nixon, visited China in 1972.
U.S. Secretary of Commerce Howard Lutnick confirmed with CNN that the US will continue to maintain a “foreseeable future 10% baseline tariff” on imports from countries struggling with new trade contracts.
On Sunday, Kevin Hassett, director of the National Economic Council, said: “Maybe it’s a relationship being rebooted. It seems that the Chinese want to play the ball and repeat things… They really want to rebuild a great relationship for both of us.”
Last week, Trump and British Prime Minister Kiel Starmer announced a limited bilateral trade agreement.
Hassett said the UK agreement provided a “really exciting blueprint” and described 24 transactions with other countries he was working on. “They all look like a UK deal, but each one is made to order,” he said.
Meanwhile, Lutnick has rejected reports that dock workers and truckers have lost their jobs as a result of the tariffs.
“This is a China issue right now,” Rutnik said. “The rest of the world is 10% (customer duties), so don’t overdo it.”
“When this policy is completed, prices will remain stable,” Lutnick added.
Reuters contributed to the report