Geneva: The United States and China have reached a significant agreement aimed at reducing the widening trade deficit between the two nations, following two days of intensive negotiations in Geneva.
US Treasury Secretary Scott Bessent announced on Sunday that the discussions with China’s top economic officials had made “substantial progress,” describing the engagement as “productive,” though he withheld the specifics of the agreement, promising further details on Monday. Bessent confirmed that US President Donald Trump was fully briefed on the outcomes.
US Trade Representative Jamieson Greer, who participated in the talks alongside Bessent, Chinese Vice Premier He Lifeng, and two Chinese vice ministers, described the result as “a deal we struck with our Chinese partners” that would contribute meaningfully to reducing the United States’ $1.2 trillion global goods trade deficit.
“This was a very constructive two days. The speed with which we reached an agreement shows that the gaps weren’t as wide as many assumed,” Greer said, acknowledging the firm stance of the Chinese delegation, who he called “tough negotiators.”
The Geneva meeting marked the first in-person dialogue between top US and Chinese trade officials since both nations imposed steep tariffs—some exceeding 100%—on each other’s goods in a tit-for-tat trade war. While Bessent noted that the existing tariff levels were “too high,” he refrained from disclosing whether any reductions had been agreed upon, and declined to take questions from reporters.
White House economic adviser Kevin Hassett, in a separate interview, noted China’s eagerness to reset economic ties, telling Fox News that Beijing was “very, very eager” to engage and move toward a rebalanced trade relationship. He hinted that more trade deals with other countries could be announced in the coming days, following the recent agreement with the United Kingdom.
President Trump echoed this optimism, calling the negotiations “a total reset… in a friendly, but constructive manner.” Posting on Truth Social, Trump wrote: “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!”
Hassett, appearing on Fox News’ “Sunday Morning Futures,” said that Commerce Secretary Howard Lutnick had briefed him on two dozen trade deals in the pipeline, coordinated with USTR Greer. “They all resemble the UK deal but are tailored to each nation,” he added.
The high-level meeting took place at the lakeside villa of Switzerland’s UN ambassador in the Cologny suburb of Geneva, a neutral venue selected after Swiss diplomatic outreach to both Beijing and Washington.
The US aims to reduce its $295 billion trade deficit with China and to encourage China to move away from its state-centric economic model toward increased domestic consumption. Achieving that goal, however, would require Beijing to undertake politically sensitive economic reforms.