Treasury Secretary Scott Bescent announced that the US-China trade discussions made “significant progress” over two days of meetings in Geneva, with more details expected to be released on Monday morning.
“We are happy to inform you that the talks between the US and China have been quite productive,” Bescent indicated in a White House statement. “I’ll be providing more details tomorrow, but I can say that the discussions were fruitful.”
Bescent, along with US Trade Representative Jamieson Greer, engaged with Chinese officials over the weekend to address trade issues amid ongoing tensions between the two major economies.
While specifics of the agreement haven’t been disclosed yet, Bescent mentioned that a complete briefing would occur on Monday. He also noted that he and Greer had discussions with President Trump.
Supporting Bescent’s comments, Greer remarked that it was “a very constructive two days.” He elaborated, stating, “It’s crucial to recognize how swiftly we reached this stage, suggesting that the divides might not be as vast as previously believed.”
However, he also emphasized the backdrop of these discussions, highlighting the US’s substantial $1.2 trillion trade deficit, which prompted the President to declare a national emergency and impose tariffs.
This meeting represents the first public acknowledgment of conversations between Washington and Beijing amidst the ongoing trade tensions, as both nations have been levying tariffs against each other.
In April, the Trump administration had lifted “mutual” tariffs on several countries, including China and others like Japan and the EU. Subsequently, a 90-day window was introduced, during which tariffs were reduced to 10%, but China’s tariffs saw an increase to 125%, alongside an additional 20% on fentanyl production.
China retaliated by increasing tariffs on US goods, raising concerns about a potential trade war and its effect on consumer prices.
Bescent’s office announced that he plans to travel to Switzerland on Thursday to meet with the Swiss president and China’s leading economic officials. Similarly, Greer’s office confirmed his trip to engage with World Trade Organization staff and discuss further trade issues with Chinese counterparts in Geneva.
On Saturday, President Trump discussed a “complete reset” of US-China trade relations during talks regarding Switzerland’s tariffs. He noted, “Today’s meeting with China in Switzerland was very productive. Many agreements were made, and the reset was negotiated in a friendly and constructive manner. We are looking for more openness from China towards American businesses for mutual benefit,” Trump stated on his social media platform.
The Associated Press highlighted on Sunday that while tariffs between the nations were reintroduced, perceptions regarding the progression of discussions seem to vary. There were indications that China might resist proposals that could compromise fundamental principles or hinder broader global equity efforts, according to their report.
