- Treasury Secretary Scott Bessent said that U.S.-China trade talks in Geneva over the weekend were “productive.”
- He said he would give more details in a complete briefing on Monday morning.
- Bessent added that President Donald Trump is “fully informed” about the discussions.
White House Announces Preliminary U.S.-China Trade Deal Following Productive Geneva Talks
WASHINGTON, D.C. — In a significant development amid ongoing trade tensions, the White House has confirmed a preliminary trade agreement with China, following high-level negotiations held over the weekend in Geneva. While specific terms of the deal remain undisclosed, officials from both nations described the discussions as highly constructive.
U.S. Treasury Secretary Scott Bessent characterized the weekend talks as “productive,” stating that a full briefing will be provided on Monday. He emphasized that President Donald Trump has been kept fully informed throughout the negotiations.
Bessent, alongside U.S. Trade Representative Jamieson Greer, met with senior Chinese officials, including Vice Premier He Lifeng and two vice ministers. The talks, according to Bessent, yielded “a great deal” of progress, laying the groundwork for what both sides are calling a meaningful agreement.
Greer echoed this sentiment, describing the outcome as a "very constructive" step forward. He noted the speed at which consensus was reached, suggesting that the divisions between the two nations may not have been as deep as once believed.
“We believe the deal we’ve outlined with our Chinese counterparts will help address the national economic emergency we've been facing,” said Greer.
Chinese representatives also expressed optimism. Vice Premier He Lifeng reported that the negotiations achieved “substantial progress and reached important consensus,” including the establishment of a joint consultation mechanism for ongoing trade and economic issues.
Li Chenggang, China’s International Trade Representative, indicated that an official statement outlining the terms of the deal is expected soon. “As we say in China, if the dishes are delicious, timing doesn’t matter,” he remarked, suggesting that when the full announcement is made, it will be significant news.
The talks come amid a volatile economic climate triggered by a trade war between the U.S. and China. Following President Trump’s April 2 announcement of a 145% tariff hike on Chinese imports, China retaliated with a 125% increase on American goods. This tit-for-tat has rattled global markets, sparked fears of inflation, and intensified concerns among consumers and businesses alike.
President Trump shared a positive update on social media, stating that the first day of talks went very well. “Many issues were discussed, much was agreed to,” Trump wrote. “A total reset negotiated in a friendly, but constructive, manner.”
With a more comprehensive statement expected Monday, markets and international observers are watching closely. If fully realized, this deal could mark a turning point in the U.S.-China economic relationship and provide much-needed relief to a strained global economy.
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