Geneva:
US Treasury Secretary Scott Bessent has reported significant progress in talks with China’s top economic officials aimed at de-escalating the ongoing trade war. After two days of negotiations in Geneva, Bessent stated that details of the agreement would be announced on Monday, with President Donald Trump being fully briefed on the outcomes of the productive discussions.
US Trade Representative Jamieson Greer, who also participated in the talks, described the conclusion as a deal struck with Chinese partners that will help reduce the $1.2 trillion US global goods trade deficit. Greer emphasized the constructive nature of the discussions and praised the Chinese officials as tough negotiators.
This meeting marked the first face-to-face interaction between US officials and Chinese representatives since the imposition of high tariffs by both countries. While expressing the need for a de-escalation in tariffs, Bessent did not provide specific details on any reductions agreed upon.
White House economic adviser Kevin Hassett noted that the Chinese showed eagerness to engage in discussions and rebalance trade relations with the US. He also hinted at the possibility of more trade deals with other countries in the near future.
President Trump also expressed optimism about the talks, describing them as a total reset conducted in a friendly and constructive manner. He emphasized the importance of opening up Chinese markets to American businesses for the benefit of both countries.
Hassett further mentioned that Beijing appeared eager to normalize trade relations with the US and hinted at potential upcoming trade announcements.
The negotiating teams met at a gated villa in Switzerland, overlooking Lake Geneva, with Swiss politicians facilitating the venue selection. The discussions aimed to address the US trade deficit with China and push for reforms in China’s economic model to promote global consumption.
(This article is published from a syndicated feed and has not been edited by NDTV staff.)
