United States, China trade deal: White House issues statement after Geneva meeting, Trump teases announcement

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United States, China trade deal: White House issues statement after Geneva meeting, Trump teases announcement

Trade talks between top officials from China and the United States have reportedly led to a “deal” between the two nations, potentially heralding an end to a dangerous trade war that erupted in the wake of US President Donald Trump’s tariff announcements.

US Treasury Secretary Scott Bessent has reported “substantial progress” in talks with China’s top economic officials to de-escalate the damaging economic battle.

The White House issued a statement announcing a “China trade deal”.

“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks,” Mr Bessent said in the official statement.

“We will be giving details tomorrow, but I can tell you that the talks were productive.

“We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself.”

Despite keeping details secret, Mr Bessent revealed he had spoken to Mr Trump about the “deal”.

“I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning.”

Taking to Truth Social shortly after the announcement, Mr Trump said: “My next TRUTH (posts on his social media platform) will be one of the most important and impactful I have ever issued.

No other details of an agreement reached, as two days of negotiations wrapped up in Geneva, were shared.

US Trade Representative Jamieson Greer, who participated in the talks with Mr Bessent, ******** Vice Premier He Lifeng and two ******** vice ministers, described the conclusion as “a deal we struck with our ******** partners” that will help reduce the $US1.2 ($A1.9) trillion US global goods trade deficit.

“And this was… a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” Mr Greer said, adding that the ******** officials were “tough negotiators”.

The meeting was the first face-to-face interaction between Mr Bessent, Mr Greer and He since the world’s two largest economies imposed tariffs well above 100 per cent on each other’s goods.

Although Mr Bessent has said the bilateral tariffs were too high and needed to come down in a de-escalation move, he did not offer any details of reductions agreed and took no questions from reporters.

Earlier, White House economic adviser Kevin Hassett said the ******** were “very, very eager” to engage in discussions and rebalance trade relations with the United States.

Mr Hassett also told Fox News that more foreign trade deals could be coming with other countries as soon as this week.

Earlier, Mr Trump had given a positive reading of the talks, saying the two sides had negotiated “a total reset… in a friendly, but constructive, manner”.

“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to,” Mr Trump wrote in a social media update.

“We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!,” Trump added, without elaborating on the progress.

Speaking on Fox News, Mr Hassett said Beijing is eager to reset trade relations with the United States.

“It looks like the ******** are very, very eager to play ball and to re-normalise things,” Mr Hassett said.

Mr Hassett also said more trade deal announcements could be imminent following last week’s announcement of an agreement with the United Kingdom.

The negotiating teams met at the gated villa of Switzerland’s UN ambassador, overlooking Lake Geneva in the leafy suburb of Cologny.

****** Mercedes vans with sirens shuttled to and from the venue, which was bathed in bright sunshine.

Neutral Switzerland was chosen as the venue following approaches by Swiss politicians on recent visits to China and the United States.

Washington is seeking to reduce its $US295 billion ($A460 billion) goods trade deficit with Beijing.

– With Reuters

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