‘Substantial Progress’ Made With China In Key Trade Talks, Bessent Says

Treasury Secretary Scott Bessent announced Sunday that “substantial progress” was made with China during key trade talks in Switzerland, adding more information will be released Monday.

After weeks of a tariff standoff between the U.S. and China, Bessent told Fox News he’d be meeting with Chinese officials Saturday in Switzerland. In a White House statement, Bessent thanked the Swiss government for hosting the Geneva talks and noted there had been a “great deal of productivity.”

“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we’ve seen. We will be giving details tomorrow, but I can tell you that the talks were productive,” Bessent said Sunday.

“We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself,” Bessent added. “And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning.”

Tensions escalated between the U.S. and China after President Donald Trump announced April 2 that reciprocal tariffs would be imposed on several countries. While most faced a baseline of 10%, Trump singled out China for steeper penalties due to its own tariffs on the U.S.

China responded with additional tariffs, prompting the U.S. to slap a 145% tariff in return. Trump issued a