Trade negotiators from the United States and China wrapped up two days of high-stakes discussions in Geneva, with both sides claiming significant progress toward easing the tensions that have rocked global markets.
U.S. Treasury Secretary Scott Bessent said the meetings achieved “substantial progress,” though he offered little detail on the nature of the agreements reached. According to CBC News and The Associated Press, more information is expected to be released Monday when both countries plan to issue a joint statement.
U.S. Trade Representative Jamieson Greer suggested that the two countries reached a consensus, emphasizing that the speed of the discussions indicated their differences may not have been as wide as initially believed. However, Greer reiterated that reducing the record 263 billion U.S. dollar trade deficit with China remains a central priority for President Donald Trump. The White House followed up with a statement declaring a China trade deal had been reached in Geneva but provided only brief remarks from Bessent and Greer without specific commitments.
China’s delegation took a more measured tone during their press conference, describing the talks as candid and constructive. Chinese Vice-Premier He Lifeng confirmed that both sides agreed to establish a consultation mechanism for future discussions, while Ambassador Li Chenggang told reporters that the pending joint statement would be positive news for the global economy. Nonetheless, Chinese officials stressed their commitment to protecting core principles and rejected any demands that could undermine their national interests.
The tariff standoff between the world’s two largest economies has seen U.S. tariffs on Chinese imports rise to 145 percent, prompting China to retaliate with 125 percent levies on American goods. These punitive measures have stalled trade flows and created uncertainty for businesses and consumers. Trump, eager to showcase progress, posted on social media that the talks could lead to a “total reset” of the tariff structure, though Chinese officials remain cautious, stating they do not wish to engage in a trade war but are prepared to defend their economy if necessary.
Analysts remain skeptical about the scope of any breakthrough, noting that while initial face-to-face talks are a positive step, the complexity of the issues involved means a comprehensive resolution is unlikely in the short term. Jake Werner, director of the East Asia Program at the Quincy Institute for Responsible Statecraft, told CBC News that the dialogue itself is encouraging after months of escalating rhetoric, but that meaningful progress will require more than symbolic gestures. The talks signal the potential for de-escalation, but the economic tensions between Washington and Beijing are far from resolved.
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