U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing entitled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System,” on Capitol Hill in Washington, D.C., U.S., May 7, 2025.
Nathan Howard | Reuters
The White House on Sunday announced a “trade deal” with China without providing specifics, after Trump administration officials spent the weekend negotiating with their Chinese counterparts.
While details of the deal are still unclear, any de-escalation in the ongoing trade war could bring much-needed relief to a global economy that has been roiled since President Donald Trump’s April 2 tariff announcement.
Treasury Secretary Scott Bessent said Sunday that the trade talks that took place in Geneva over the weekend were “productive.”
He said the talks yielded “a great deal” of productivity and that he would give more details in a complete briefing on Monday morning.
Bessent also said that he and U.S. Trade Representative Jamieson Greer both spoke to President Donald Trump on Saturday evening and “he is fully informed” about the discussions.
Greer said during remarks on Sunday that the officials reached some form of a “deal,” but did not provide any specifics. He hailed the discussions as “very constructive.”
“It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” Greer said.
“We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency,” he added.
The Chinese officials who participated in the meetings also spoke positively.
Vice Premier of the People’s Republic of China He Lifeng said the meeting “achieved substantial progress and reached important consensus.”
“The two sides agreed on establishing a consultation mechanism for trade and economic issues,” Lifeng said.
China International Trade Representative Li Chenggang suggested that a statement would be coming soon with more details on the negotiations, but did not say when the statement would be released.
“As we say back in China, if the dishes are delicious, then timing is not a matter,” Chenggang said.
“I think no matter when this statement is released, it’s going to be a big news. Good news for the world.”
The high-stakes negotiations in Switzerland this weekend come amid widespread economic uncertainty stemming from the U.S.-China trade war.
The two nations have been engaged in a tariff tit-for-tat in the weeks since Trump announced 145% tariffs on Beijing. In response, China raised its levies on U.S. goods to 125%.
The standoff has roiled the financial markets and sparked concerns of fewer goods and rising prices for consumers.
Trump praised the first day of discussions, writing that the U.S. officials had a “very good meeting today with China” in a Saturday Truth Social post.
“Many things discussed, much agreed to,” Trump wrote. “A total reset negotiated in a friendly, but constructive, manner.”
Bessent said that he and Greer met with the vice premier of China, in addition to two vice ministers, who the treasury secretary called “integrally involved” in discussions.
