US, China report ‘substantial progress’ in trade talks, deal details expected soon

US Treasury Secretary Scott Bessent on Sunday noted ‘substantial progress’ in discussions with top Chinese economic officials aimed at easing ongoing trade tensions, as per reports.

However, he did not disclose specific details of any agreement as the two-day negotiations concluded in Geneva.

Bessent informed the American media that further details would be shared on Monday, adding that President Donald Trump had been fully briefed on the outcome of what he described as productive talks.

US trade representative Jamieson Greer, who joined Bessent in the discussions alongside Chinese Vice Premier He Lifeng and two vice ministers, described the conclusion as ‘a deal we struck with our Chinese partners.’ He emphasised that the agreement is expected to help narrow the US’s $1.2 trillion global trade deficit.

This meeting marked the first in-person interaction between Bessent, Greer, and He Lifeng since both nations imposed heavy tariffs on each other’s exports.

While Bessent has previously expressed concern over the high tariff levels, calling for a reduction as part of de-escalation efforts, he refrained from providing specifics on any tariff cuts and did not reportedly take questions from the press.