The United States and China announced that they had made “substantial progress” in weekend negotiations aimed at defusing escalating trade tensions triggered by President Donald Trump’s aggressive tariff policies.
The intensifying trade dispute between Washington and Beijing has unsettled global financial markets and raised concerns over a potential global economic slowdown and rising inflation in the U.S.
“We’ve made substantial progress between the United States and China in these very important trade talks,” said U.S. Treasury Secretary Scott Bessent in Geneva following the second day of discussions. He characterized the talks as “productive,” though he declined to take questions and promised a full briefing on Monday.
A brief White House statement also praised what it described as a new “trade deal” with China, though it offered no further details.
Echoing Bessent’s comments, Chinese Vice Premier He Lifeng described the discussions as “candid, in-depth and constructive,” and confirmed that significant progress had been achieved. He added that a joint communique was expected to be released Monday.
According to China’s international trade representative Li Chenggang, both nations agreed to establish a joint mechanism for consistent communication on trade and commercial matters. When asked if the joint statement would be released before financial markets opened, Li replied, “If the dishes are delicious, timing is not a matter,” suggesting the content would be worth the wait.
These meetings marked the first high-level, face-to-face trade discussions since President Trump imposed a sweeping set of tariffs on Chinese goods, totaling 145 percent. In response, China retaliated with tariffs of 125 percent on American products.
World Trade Organization Director-General Ngozi Okonjo-Iweala also met with He Lifeng and welcomed the progress, calling it a meaningful development not just for the U.S. and China, but for the global economy—especially for more vulnerable nations.
