The United States on Sunday announced a trade deal with China during talks held in Geneva, according to a statement released by the White House.
Secretary of the Treasury Scott Bessent said that substantial progress had been made between the two parties.
“I’m happy to report that we made substantial progress between the United States and China in these very important trade talks. First, I want to thank our Swiss hosts. The Swiss government has been very kind in providing us with this wonderful venue, which I believe contributed greatly to the productivity we’ve seen. We will provide details tomorrow, but I can say that the talks were productive,” Bessent said.
“We had the Vice Premier and two Vice Ministers from China, who were integrally involved, along with Ambassador Jamieson and myself. Both Ambassador Jamieson and I spoke with President Trump last night, and he is fully informed about the developments. A complete briefing will be given tomorrow morning,” the statement added.
US Trade Representative Ambassador Jamieson Greer noted that the parties reached a conclusion quickly.
“As the Secretary pointed out, these were a very constructive two days. It’s important to understand how quickly we were able to reach an agreement, which suggests that the differences may not have been as significant as previously believed,” Greer said.
Greer expressed hope that the deal would help the US address its $1.2 trillion trade deficit.
“That said, a lot of groundwork preceded these talks. Let’s not forget why we’re here — the United States is facing a massive $1.2 trillion trade deficit. In response, the President declared a national emergency and imposed tariffs. We are confident that the deal we’ve reached with our Chinese partners will help address that emergency,” the statement read.
President Donald Trump indicated he is open to significantly reducing the existing 145 percent tariff on Chinese goods.
Trump said that an 80 percent tariff on China “seems right,” while adding that Treasury Secretary Scott Bessent would make the final decision.
(ANI)