Photo: VALENTIN FLAURAUD / AFP / Getty Images
Treasury Secretary Scott Bessent says trade talks between the US and China have resulted in major progress.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent said in a brief statement Sunday in Geneva, Switzerland, where the talks were held, calling the negotiations “productive.”
US Trade Representative Jamieson Greer indicated that an agreement had been reached Sunday, after President Donald Trump imposed sweeping 145% tariffs on most Chinese goods last month. Bessent said details about those talks, and any agreements that were made, would be released on Monday.
This came after the President said on his Truth Social account that "much was agreed to" in the many things that were discussed at the meeting Saturday.
And he appeared enthusiastic that "a total reset negotiated in a friendly, but constructive, manner" was achieved with Chinese officials who are part of the talks.
On social media, he referred to the "reset" idea as "great progress."
Mr. Trump echoed on Saturday his assertion made Thursday that he's anxious to get a deal with the rival nation, adding that "We want to see, for the good of both China and the US an opening up of China to American business."
The current US tariff on most Chinese goods is 145%, while Chinese officials last month placed a 125% tariff on the majority of US-made goods.
The Geneva meetings on trade and tariffs are set to continue on Sunday.