US, China Reach Trade Deal After Productive Geneva Talks

Photo: AP

On Sunday, the United States announced that it had made a trade deal with China during important meetings held in Geneva, Switzerland. This news came from an official statement by the White House.

Talks Were Positive and Productive

The US Secretary of the Treasury, Scott Bessent, said that both countries made “a lot of progress” during the discussions.

“I’m happy to say that we made real progress between the US and China during these important trade talks,” Bessent said. “I also want to thank our Swiss hosts. The Swiss government gave us a peaceful and beautiful place for the meeting, and I believe that helped us stay focused and productive.”

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Bessent also shared that top officials were part of the talks, including China’s vice premier, two vice ministers, US Trade Representative Ambassador Jamieson Greer, and himself. He added that both he and Ambassador Greer spoke with President Trump, who is fully updated and involved. A full briefing is planned for Monday morning.

The Agreement Came Quickly

Ambassador Jamieson Greer, who represents the US in trade matters, said that the talks were very helpful and the agreement was reached quickly.

“As Secretary Bessent said, it was a very good two days of talks,” Greer said. “It’s important to see how fast we reached a deal. That shows our disagreements were not as big as people thought.”

Greer added that this deal could help the United States reduce its large trade deficit, which is the amount by which the country imports more goods than it exports. Right now, that deficit is around $1.2 trillion.

He explained, “This deal is important because the President had declared a national emergency over the trade deficit and had placed high taxes, called tariffs, on Chinese products. We believe this deal will help us start fixing that problem.”

Trump May Lower Tariffs on Chinese Goods

President Donald Trump also spoke about the trade deal. He said he’s open to lowering the high tariffs on Chinese goods. Right now, the US has a 145% tariff on many items from China. Trump said he thinks reducing it to 80% “sounds right.” However, he added that Secretary Bessent will make the final decision.