US-China Trade Talks Make ‘Substantial Progress’ in Geneva as Tariff Cuts Loom

Synopsis: The United States and China reported significant progress in trade negotiations held in Geneva, signaling a possible easing of tariffs. Top US officials praised the swift agreement, with full details expected to be announced shortly.

In a major development, the United States has confirmed substantial progress in its ongoing trade talks with China, held over the weekend in Geneva. The announcement, made via a statement from the White House, comes as tensions over the $1.2 trillion US trade deficit remain high.

US Treasury Secretary Scott Bessent called the discussions “productive” and thanked Switzerland for hosting the negotiations. “We made real headway,” Bessent said. “Our Swiss hosts provided an excellent venue that contributed to the productivity of these talks. We’ll share further details on Monday.”

Joining Bessent in the talks were Chinese Vice Premier and two Vice Ministers, alongside US Trade Representative Ambassador Jamieson Greer, who also hailed the sessions as constructive. “We reached an agreement more quickly than expected, indicating our differences were not as vast as previously assumed,” Greer noted.

Greer added that the agreement was aimed at addressing the national emergency declared by President Donald Trump, which was prompted by the US's enormous trade imbalance. “The groundwork was extensive, but our efforts have culminated in a deal that can steer us toward correcting our trade deficit,” he said.

President Donald Trump, who was briefed during the talks, hinted at a potential reduction in tariffs on Chinese imports. “An 80 percent tariff seems right,” he stated, softening from the current 145 percent level. However, Trump added that Treasury Secretary Bessent would ultimately finalize the tariff decision.

This move could signal a thaw in the US-China trade standoff, with both countries acknowledging mutual economic pressures. A detailed joint statement is expected to be released soon, outlining the key terms and commitments agreed upon during the Geneva meetings.

Disclaimer: This article is intended for informational purposes only and does not constitute financial or diplomatic advice. Readers are encouraged to follow official government releases for detailed updates on the trade agreement.