U.S. Treasury Secretary Scott Bessent testifies earlier than a Home Monetary Companies Committee listening to entitled “The Annual Testimony of the Secretary of the Treasury on the State of the Worldwide Monetary System,” on Capitol Hill in Washington, D.C., U.S., Could 7, 2025.
Nathan Howard | Reuters
The White Home on Sunday introduced a “commerce deal” with China with out offering specifics, after Trump administration officers spent the weekend negotiating with their Chinese language counterparts.
Whereas particulars of the deal are nonetheless unclear, any de-escalation within the ongoing commerce conflict might deliver much-needed reduction to a worldwide economic system that has been roiled since President Donald Trump’s April 2 tariff announcement.
Treasury Secretary Scott Bessent stated Sunday that the commerce talks that came about in Geneva over the weekend had been “productive.”
He stated the talks yielded “a terrific deal” of productiveness and that he would give extra particulars in a whole briefing on Monday morning.
Bessent additionally stated that he and U.S. Commerce Consultant Jamieson Greer each spoke to President Donald Trump on Saturday night and “he’s absolutely knowledgeable” concerning the discussions.
Greer stated throughout remarks on Sunday that the officers reached some type of a “deal,” however didn’t present any specifics. He hailed the discussions as “very constructive.”
“It is essential to know how rapidly we had been capable of come to settlement, which displays that maybe the variations weren’t so giant as perhaps thought,” Greer stated.
“We’re assured that the deal we struck with our Chinese language companions will assist us work towards resolving that nationwide emergency,” he added.
The Chinese language officers who participated within the conferences additionally spoke positively.
Vice Premier of the Folks’s Republic of China He Lifeng stated the assembly “achieved substantial progress and reached essential consensus.”
“The 2 sides agreed on establishing a session mechanism for commerce and financial points,” Lifeng stated.
China Worldwide Commerce Consultant Li Chenggang instructed {that a} assertion could be coming quickly with extra particulars on the negotiations, however didn’t say when the assertion could be launched.
“As we are saying again in China, if the dishes are scrumptious, then timing isn’t a matter,” Chenggang stated.
“I believe regardless of when this assertion is launched, it’ll be a giant information. Excellent news for the world.”
The high-stakes negotiations in Switzerland this weekend come amid widespread financial uncertainty stemming from the U.S.-China commerce conflict.
The 2 nations have been engaged in a tariff tit-for-tat within the weeks since Trump introduced 145% tariffs on Beijing. In response, China raised its levies on U.S. items to 125%.
The standoff has roiled the monetary markets and sparked considerations of fewer items and rising costs for shoppers.
Trump praised the primary day of discussions, writing that the U.S. officers had a “excellent assembly in the present day with China” in a Saturday Reality Social publish.
“Many issues mentioned, a lot agreed to,” Trump wrote. “A complete reset negotiated in a pleasant, however constructive, method.”
Bessent stated that he and Greer met with the vice premier of China, along with two vice ministers, who the treasury secretary referred to as “integrally concerned” in discussions.
