The United States and China have agreed on a deal aimed at helping resolve the ongoing trade war between the world’s two largest economies.
This was reported by foreign media, citing senior officials from the Trump administration.
The details of the agreement, reached during negotiations in Switzerland over the weekend, were not disclosed, but officials indicated that more information will be shared on Monday.
“The U.S. has a massive trade deficit of $1.2 trillion, so the President declared a national emergency,” said U.S. Trade Representative Jamieson Greer on Sunday.
“We are confident that the agreement we reached with our Chinese partners will help us work toward resolving this national emergency,” he added, according to Telegrafi.
President Donald Trump had imposed tariffs of up to 145% on Chinese goods, prompting retaliatory tariffs from China on American exports.
Greer was joined by Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng for talks in Geneva, Switzerland, over the weekend to address the triple-digit tariff issue.
“I can tell you the talks were productive,” Bessent said.
The meeting was the first face-to-face interaction between Bessent, Greer, and He since the two global economic giants imposed tariffs well above 100% on each other’s goods.
Although Bessent noted that the bilateral tariffs were excessively high and needed to be reduced to ease tensions, he did not disclose any details about the agreed reductions and did not take questions from reporters.
Earlier, White House economic adviser Kevin Hassett said the Chinese were “very, very eager” to engage in discussions and to rebalance trade relations with the United States.
Hassett also told Fox News that additional foreign trade agreements may follow with other countries as soon as this week.
