"I'm happy to report that we made substantial progress between the United States and China in the very important trade talks," Treasury Secretary Scott Bessent told reporters on Sunday in Switzerland. He didn't go so far as to say an agreement was reached, though the White House did, putting the headline "US Announces China Trade Deal in Geneva" on a transcript of Bessent's remarks on its website. No one provided information in support of that conclusion, but Bessent said details would be released Monday, NBC News reports.
Signs of a truce in the trade war sparked by President Trump's tariffs would pump up the financial markets, per the New York Times, and reassure those fearing it will bring the global economy down. Later Sunday, per the AP, the Chinese delegation held a news conference in Geneva in which it described the weekend talks as "candid, in-depth and constructive dialogue." The two sides agreed to "establishing a consultation mechanism" for more discussion on trade and economic issues, said Vice Premier He Lifeng.
Before Sunday's round of talks began, Trump posted online that "great progress" was being made toward what he said could be a "total reset" on his tariffs, per the AP. Trump said Friday that the US might lower the tariffs on China from 145% to 80%, per the Washington Post. China has maintained it won't make trade concessions in reaction to the tariffs. The two sides have not agreed on whose idea the negotiations were. Chinese officials say the US asked them to participate. American officials disputed that. (More US-China relations stories.)
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