US Announces Trade Deal with ChinaWashington, 12 May (ONA) — The White House announced that the United States has reached a tentative trade agreement with China following two days of high-level negotiations in Geneva.
The announcement came after the US Treasury Secretary, Scott Bessent, told reporters that there had been “substantial progress” in talks between his team and that of the Chinese vice-premier, He Lifeng, in Geneva on defusing the trade war between the world’s two largest economies.
Bessent, who led the talks alongside US Trade Representative Jamieson Greer, described the meetings as “productive” and said a full briefing would take place later today.
At the press conference in Geneva, Greer said the speed of the agreement suggests the differences between the two nations may not have been as large as originally assumed.
“It’s important to understand how quickly we were able to come to agreement,” Greer said.
“Just remember why we’re here… the president declared a national emergency, and we’re confident that the deal we struck with our Chinese partners will help us work toward resolving that,” he added.
In a post on his Truth Social platform on Saturday night (10 May 2025), US President Donald Trump said the talks had led to “a total reset… in a friendly, but constructive, manner.”
“Many things discussed, much agreed to,” Trump wrote.
The statement followed a month-long standoff between the world’s two largest economies after both countries imposed tariffs exceeding 100% on each other’s goods.— Ends/Khalid