U.S. and China Make “Substantial Progress” in Geneva Trade Talks, Says Treasury Secretary

After months of escalating trade tensions, the United States and China have reportedly made “substantial progress” toward easing their ongoing trade war, according to U.S. Treasury Secretary Scott Bessent.

The announcement came at the close of two days of high-level negotiations held in Geneva, marking a significant diplomatic step between the world’s two largest economies.

Speaking to reporters on Sunday, Bessent remained tight-lipped about the specifics of the agreement, promising that full details would be disclosed on Monday. He confirmed that President Donald Trump had been kept informed throughout the negotiations and described the talks as “productive.”

Joining Bessent in Geneva were U.S. Trade Representative Jamieson Greer, Chinese Vice Premier He Lifeng, and two Chinese vice ministers. Greer echoed Bessent’s positive outlook, referring to the outcome as “a deal we struck with our Chinese partners” and suggesting it could help reduce the United States’ $1.2 trillion global goods trade deficit.

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“It’s important to understand how quickly we were able to come to agreement,” Greer said. “That reflects that the differences between us may not have been as wide as previously thought.” He also praised the Chinese delegation, calling them “tough negotiators.”

This Geneva meeting marked the first in-person dialogue between top U.S. and Chinese trade officials since both nations imposed tariffs exceeding 100% on each other’s exports.

While Bessent has previously criticized these tariffs as excessive and counterproductive, he offered no immediate details about any agreed reductions or de-escalation steps during Sunday’s press briefing.

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White House economic adviser Kevin Hassett provided additional context, telling Fox News that China was “very, very eager” to engage in meaningful negotiations and rebalance trade ties with the United States. He hinted that more trade announcements could follow soon, suggesting momentum is building for a broader shift in U.S. trade policy.

President Trump weighed in with a characteristically enthusiastic update on his Truth Social platform: “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!”

According to Hassett, additional trade deals may be finalized in the coming days, building on last week’s agreement with the United Kingdom.

He revealed that Commerce Secretary Howard Lutnick had briefed him on roughly two dozen trade pacts currently under development with USTR Greer. “They all look a little bit like the UK deal but each one is bespoke,” Hassett noted.

The U.S. is actively working to reduce its $295 billion goods trade deficit with China. In doing so, Washington is pressing Beijing to shift away from what it calls a “mercantilist economic model” and take steps toward boosting domestic consumption. Achieving this, however, would require politically sensitive reforms within China.

With the latest round of talks concluded and an official announcement expected soon, all eyes will be on the specifics of the agreement and whether this breakthrough can truly reshape the turbulent U.S.-China trade relationship.