GENEVA (AP) 鈥� The lead U.S. negotiator in trade talks with China cheered 鈥渁 great deal of productivity鈥� in resolving differences between the world鈥檚 two leading economic powers, after officials wrapped two days of bargaining in Switzerland following President imposing steep tariffs and Beijing retaliating.
U.S. Treasury Secretary Scott Bessent said Sunday that there was 鈥渟ubstantial progress鈥� in the weekend sessions but offered scant information on exactly what negotiations entailed. He said more details would come at a briefing Monday.
U.S. Trade Representative Jamieson Greer suggested that an agreement had been reached but provided no details. He and Bessent briefly addressed reporters once talks had wrapped at the stately villa that serves as the residence of the Swiss ambassador to the United Nations in Geneva, but did not take questions.
鈥淚t鈥檚 important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought,鈥� Greer said. But he also stressed that a top Trump priority means closing the U.S. with China, which came to a record $263 billion last year.
鈥淲e鈥檙e confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency,鈥� Greer said.
The White House subsequently issued a statement titled, 鈥淯.S. Announces China Trade Deal in Geneva鈥� but offering only the same quotes by Bessent and Greer.
The Chinese delegation held a subsequent news conference where it described what occurred as 鈥渃andid, in-depth and constructive dialogue." Chinese Vice Premier He Lifeng said both sides had agreed to 鈥渆stablishing a consultation mechanism鈥� for further discussions on trade and economic issues.
China's negotiators also said that they and the U.S. team would be releasing a joint statement on Monday 鈥� though the timing was still uncertain.
鈥淚 think, no matter when this statement is released, it鈥檚 going to be good news for the world,鈥� said , the Chinese ambassador to the World Trade Organization.
Trump was anxious to declare the sessions a win. Even before the final day of talks opened on Sunday, the president posed on his social media site that 鈥淕REAT PROGRESS鈥� was being made toward what he suggested could be a 鈥渢otal reset鈥� on the tariffs that have put the global economy on edge.
Beijing, however, appered largely more measured about the negotiations' overall direction, noting in a Saturday night editorial published its state-run news agency published before the second day of negotiations kicked off, that it would 鈥渇irmly reject any proposal that compromises core principles or undermines the broader cause of global equity.鈥�
During the Sunday evening news conference, the Chinese delegation said 鈥済lobal trade wars that were provoked or initiated by the U.S. have captured global attention鈥� but 鈥淐hina鈥檚 position has been clear and consistent: China does not want to fight a trade war. We are ready to work together."
Negotiations could go along way toward stabilizing world markets roiled by the U.S.-China standoff that has unwilling to unload until they get final word on tariffs.
Trump last month raised U.S. tariffs on China , and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries鈥� boycotting each other鈥檚 products, disrupting trade that last year topped $660 billion.
Still, top members of the Trump administration were following the president's lead in insisting that a hard reset of U.S.-China trade relations could be in the offing.
鈥淪ecretary Bessent has made clear that one of his objectives is to de-escalate,鈥� U.S. Commerce Secretary Howard Lutnick, who wasn't in Geneva, said on 鈥淔ox News Sunday.鈥� He added that the U.S. and China have both imposed tariffs that are 鈥渢oo high to do business, but that鈥檚 why they are talking right now."
鈥淲e are the consumer of the world. Everybody wants to sell their goods here," Lutnick said. So they need to do business with American and we鈥檙e using the power of our economy to open their economy to our exporters."
Kevin Hassett, director of the White House National Economic Council, told Fox News Channel鈥檚 鈥淪unday Morning Futures鈥� that 鈥渨hat鈥檚 going to happen in all likelihood is that relationships are going to be rebooted. It looks like the Chinese are very, very eager to play ball and to renormalize things.鈥�
鈥淲e鈥檙e essentially starting over, starting from scratch with the Chinese,鈥� Hassett said "and they seem to think that they really want to rebuild a relationship that鈥檚 great for both of us.鈥�
The talks mark the first time the sides have met face-to-face to discuss the issues. The prospects for a major breakthrough still apper slight, but even a small drop in tariffs 鈥� particularly if taken simultaneously 鈥� could help restore some confidence.
鈥淣egotiations to begin de-escalating the growing US鈥揅hina trade war are badly needed and it鈥檚 a positive sign that both sides were able to gracefully move beyond their bickering over who had to call first,鈥� Jake Werner, director of the East Asia Program at the Quincy Institute for Responsible Statecraft, said in an email.
The Trump administration has imposed tariffs on countries worldwide, but its fight with China has been the most intense. Trump's import taxes on goods from China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid into the United States.
The remaining 125% involve a dispute that dates back to Trump鈥檚 first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%.
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Bodeen reported from Taipei, Taiwan, and Weissert from Washington.
Jamey Keaten, Will Weissert And Christopher Bodeen, The Associated Press
