US-China Trade Talk: US Treasury Secretary Scott Bessent announced on Sunday that “substantial progress” had been made in trade negotiations with China during high-level talks held in Geneva. The discussions, which aimed to de-escalate the ongoing trade war between the world’s two largest economies, involved Bessent, US Trade Representative Jamieson Greer, and a Chinese delegation led by Vice Premier He Lifeng.
US-China trade war truce?
Speaking to reporters, Bessent confirmed that he had briefed President Donald Trump on the outcome and would provide a detailed account of the discussions on Monday. “We’ve made substantial progress between the United States and China in these very important trade talks,” Bessent said. Greer echoed his remarks, stating that the gap between the two countries’ positions was “not as great as previously thought.”
The talks extended into a second day on Sunday, a sign of both sides’ commitment to resolving the prolonged dispute.
Just hours after the Saturday session ended, President Trump posted a positive update on social media. “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,” he wrote. Trump also emphasized the goal of opening Chinese markets further to US businesses, declaring, “GREAT PROGRESS MADE!!!”
The discussions, lasting over 10 hours, remained largely confidential, with neither delegation offering public comments immediately after. However, an official familiar with the proceedings, speaking anonymously, hinted that the breakthrough could calm global markets unsettled by the prolonged US-China economic tensions.
All eyes now turn to Monday, when Bessent is expected to reveal the specifics of the tentative agreements. If successful, the outcome could mark a significant turning point in the US-China trade relationship.
(With Reuters inputs)