US Treasury Secretary Scott Bessent on Sunday reported “substantial progress” in high-level trade talks with China, signaling a potential breakthrough in the long-running trade conflict between the world’s two largest economies. The announcement came at the conclusion of two days of negotiations in Geneva, though specific details of the agreement were withheld, with further information expected on Monday.
Bessent noted that US President Donald Trump had been kept fully informed of the outcomes, which he described as the result of “productive talks.” US Trade Representative Jamieson Greer, who joined Bessent in discussions with Chinese Vice Premier He Lifeng and two other senior Chinese officials, said a deal had been reached that could help address the $1.2 trillion US global goods trade deficit.
“This was a very constructive two days,” Greer said. “It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.” He also praised the Chinese negotiators as “tough,” but willing to engage meaningfully.
This meeting marked the first face-to-face encounter between Bessent, Greer, and He Lifeng since tariffs exceeding 100% were imposed on each other’s goods, escalating trade tensions over recent years. While Bessent acknowledged that the current tariff levels were unsustainable and should be lowered, he did not confirm whether any reductions had been finalized.
White House economic adviser Kevin Hassett echoed the optimism, telling Fox News that China appeared “very, very eager” to rebalance trade ties with Washington. Hassett also hinted that more international trade agreements could be announced soon, following a recent deal with the United Kingdom.
President Trump praised the Geneva discussions, posting on Truth Social: “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to… GREAT PROGRESS MADE!!!” He emphasized the mutual desire to “open up China to American business.”
According to Hassett, Commerce Secretary Howard Lutnick has briefed him on more than two dozen trade deals currently in development, noting that each is uniquely tailored, though similar in framework to the recent UK agreement.
