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 90-day pause on tariffs for all countries except China, telling reporters on April 22 that while China’s tariffs would eventually “come down substantially,” they wouldn’t be eliminated.
U.S. Trade Representative Jamieson Greer, who joined Bessent in leading negotiations, said in a statement that a “lot of groundwork” was laid during the two-day talks.
“This was, as the Secretary pointed out, a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” Greer said.
“That being said, there was a lot of groundwork that went into these two days. Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,” Greer added.
Kenneth Rapoza, an analyst at the Coalition for a Prosperous America, previously told the Daily Caller News Foundation that while China holds leverage with its vast domestic market, its economy has been severely damaged by U.S. tariffs throughout April.
On May 1, Chinese workers flooded the streets of Sichuan, demanding back pay and protesting mass layoffs at factories impacted by the tariffs, according to Radio Free Asia, a U.S. gov’t-funded news outlet. Some workers claimed they hadn’t received wages since January, while other exporters said they were forced to cut 30% of their workforce after losing three major U.S. clients.
Talks between the U.S. and China over a trade deal have been long awaited since the tariff escalation, especially as other countries have already started striking agreements with America. On Thursday, Trump announced the first trade deal with the United Kingdom, which could potentially bring in billions of dollars in U.S. exports.
This breaking news piece will be updated.
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