The United States and China concluded high-level trade talks in Geneva with both sides signaling progress but withholding specific details. U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced a "deal" aimed at reducing the U.S. trade deficit, while Chinese Vice Premier He Lifeng said the nations had reached "important consensus" and would release a joint statement on Monday.
While no mention was made of reducing steep tariffs—currently 145% on Chinese imports and 125% on U.S. goods—the tone marked a sharp shift toward de-escalation. Greer emphasized "substantial progress" and described the agreement as a step toward resolving the $1.2 trillion U.S. global trade deficit. China echoed a positive outlook, calling the talks “candid, in-depth, and constructive.”
The talks marked the first in-person meeting of senior economic officials since former President Trump declared a national emergency over trade and initiated tariff hikes earlier this year. Despite no clear rollback of tariffs, a new bilateral consultation mechanism was announced to manage future trade and economic issues.
The World Trade Organization welcomed the outcome, with Director General Ngozi Okonjo-Iweala urging continued cooperation. However, WTO challenges to U.S. tariffs remain stalled due to a lack of judges.
White House economic adviser Kevin Hassett confirmed China’s eagerness to rebalance trade relations and hinted at more trade deals in the pipeline, including talks with the UK and other nations. Trump also praised the negotiations on his Truth Social account, calling it a “total reset.”
The meetings took place at a secure villa in Cologny, Switzerland, chosen for its neutrality. The U.S. aims to reduce its $295 billion trade gap with China and encourage a shift away from China’s export-driven economic model.