US, China reach trade deal - Superpowers agree after two days of negotiations in Geneva
The US and China have reached a trade deal in Geneva aimed at reducing tensions and high tariffs. President Trump described the meeting as a "total restart," but details of the agreement have not yet been made public.
US Treasury Secretary Scott Bessent reported "substantial progress" in US talks with China's top economic officials to ease tensions in a damaging trade war. However, he did not offer details on a deal reached after two days of negotiations in Geneva.
Bessent told reporters that details would be announced and that US President Donald Trump was fully aware of the results of the "productive talks".
U.S. Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as a pact that will help reduce the U.S.'s $1.2 trillion global goods trade deficit.
"And these were two very constructive days. It's important to understand how quickly we reached an agreement, which reflects that perhaps the differences were not as great as one might have thought," Greer said, adding that Chinese officials were "tough negotiators."
The meeting was the first face-to-face interaction between the parties since the world's two largest economies imposed tariffs of over 100% on goods.
Although Bessent has said that bilateral tariffs were too high and needed to be lowered, he did not offer any details on the pact and did not take questions from reporters.
Trump also gave a positive interpretation of the talks, saying the two sides had negotiated "a total restart... in a friendly but constructive manner."
"A very good meeting today with China, in Switzerland. Many things were discussed, many things were agreed to," Trump posted on the Truth Social platform. "We want to see, for the good of China and the United States, an opening of China to American business. Great progress made!!!" Trump added, without giving details on the progress.
The American side also said that more announcements of trade agreements could be reached soon, following the agreement with the United Kingdom.
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