U.S. Treasury Secretary Scott Bessent testifies earlier than a Home Monetary Providers 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 struggle might convey 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 mentioned Sunday that the commerce talks that passed off in Geneva over the weekend have been “productive.”
He mentioned the talks yielded “a fantastic deal” of productiveness and that he would give extra particulars in a whole briefing on Monday morning.
Bessent additionally mentioned that he and U.S. Commerce Consultant Jamieson Greer each spoke to President Donald Trump on Saturday night and “he’s absolutely knowledgeable” in regards to the discussions.
Greer mentioned 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 necessary to know how rapidly we have been in a position to come to settlement, which displays that maybe the variations weren’t so giant as possibly thought,” Greer mentioned.
“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 mentioned the assembly “achieved substantial progress and reached necessary consensus.”
“The 2 sides agreed on establishing a session mechanism for commerce and financial points,” Lifeng mentioned.
China Worldwide Commerce Consultant Li Chenggang advised {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 just isn’t a matter,” Chenggang mentioned.
“I feel regardless of when this assertion is launched, it will 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 struggle.
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 issues of fewer items and rising costs for customers.
Trump praised the primary day of discussions, writing that the U.S. officers had a “superb assembly immediately with China” in a Saturday Fact Social publish.
“Many issues mentioned, a lot agreed to,” Trump wrote. “A complete reset negotiated in a pleasant, however constructive, method.”
Bessent mentioned that he and Greer met with the vice premier of China, along with two vice ministers, who the treasury secretary known as “integrally concerned” in discussions.
