US and China wrapped up two days of trade discussions in Geneva with a positive tone. US officials called it a “deal” to help reduce the trade deficit. Meanwhile, Chinese leaders said they reached an “important consensus” and agreed to launch a new economic dialogue forum.
Joint Statement Coming Monday
Chinese Vice Premier He Lifeng confirmed that both sides will issue a joint statement on Monday. Vice Commerce Minister Li Chenggang added that it would include “good news for the world.”
US Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent said the countries made “substantial progress.” Greer stated, “It’s a deal we struck with our Chinese partners.” He added that the speed of the agreement showed their differences “were not so large as maybe thought.”
China’s Response and WTO Support
Vice Premier called the talks “candid, in-depth and constructive,” and confirmed “substantial progress” was made. WTO Director General Ngozi Okonjo-Iweala welcomed the outcome and urged both nations to continue building on this momentum.
Both sides agreed to create a new consultation platform for trade and economic issues. This comes after previous attempts like the 2023 Economic Working Group, which had little impact.
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Context of Trump’s Tariffs
This was the first in-person meeting between top officials since Trump began raising tariffs in 2024. He started with a 20% duty in February, followed by 34% in April. Later hikes stalled $600 billion worth of trade. On Friday, Trump said an 80% tariff “seems right.”
Greer credited the outcome to solid groundwork before the meeting. He said the deal would help address the national emergency that Trump declared over the growing trade deficit.
Future Deals on the Horizon
The White House issued a short statement repeating Bessent and Greer’s comments. Economic adviser Kevin Hassett said China is “very, very eager” to fix trade ties. He noted that additional deals are likely, including a recent one with the UK that kept 10% tariffs in place. Hassett also mentioned that Greer and Commerce Secretary Howard Lutnick are working on around two dozen upcoming agreements.
Trump, himself, shared his thoughts on Truth Social. He called the talks “a total reset… in a friendly, but constructive, way.”
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