A “China trade deal” was proclaimed by the White House in a statement on Sunday, but no further information was provided.
After two days of negotiations in Geneva, senior officials from the Trump administration announced that they had reached a trade agreement with China. This agreement could be a significant victory for President Donald Trump in the context of his ongoing trade conflict with Beijing.
A “China trade deal” was proclaimed by the White House in a statement on May 11, but no further information was provided. The accord was reached earlier than anticipated by the majority of observers, following the virtual cessation of $600 billion in annual trade between the world’s two largest economies as a result of Trump’s 145% tariffs on China.
“It is crucial to comprehend the rapidity with which we were able to reach a consensus, as it suggests that the disparities may not have been as substantial as initially anticipated,” stated U.S. Trade Representative Jamieson Greer from Geneva.
The two-day meetings in Switzerland were the first between the leading figures of the United States and China since President Trump implemented the comprehensive tariffs on China. In response, China imposed retaliatory tariffs of 125% on U.S. exports.
Trump expressed a willingness to reduce U.S. tariffs on China to an 80% rate prior to the weekend trade negotiations, although the exact level of tariff reduction was not immediately apparent.
In a statement, Treasury Secretary Scott Bessent, who oversaw the negotiations in Geneva, expressed his satisfaction with the significant progress that had been achieved between the United States and China. “We will provide further information tomorrow; however, I can confirm that the discussions were fruitful.”
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