U.S. Says Reach ‘Deal’ With China After Trade Talks

BOTH China and the United States (US) said they have made progress at trade talks between the two countries in Switzerland.
While US Treasury Secretary, Scott Bessent, described the discussions as “productive and constructive,” China’s Vice Premier, He Lifeng, said the talks were “in-depth” and “candid.”
The White House called it a “trade deal,” but gave no further details. A joint statement with full details is expected on Monday, May 12.
Both countries were engaged in secretive closed-door discussions all weekend, the first meeting since US President, Donald Trump, imposed steep tariffs against China on its goods entering America in January.
The talks were the first face-to-face meetings between the two countries since Trump imposed a 145 per cent tariff on Chinese imports, with Beijing responding with a 125 per cent levy on some US goods.
The huge tariffs caused turmoil in the financial markets and sparked fears of a global recession.
Following the conclusion of the two-day talks in Geneva, US trade representativem Ambassador Jamieson Greer, said “the deal we struck with our Chinese partners” would help reduce the US’ $1.2trillion trade deficit.
Bessent said the US and China had made “substantial progress” on de-escalating the trade war, while Lifeng noted that the talks were “of great significance to the two countries, but also have an important impact on the stability and development of the global economy.”
Lifeng added that the two sides had reached a series of major consensuses and had also agreed to establish an economic and trade consultation mechanism.
Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, called the talks “a significant step forward,” urging both countries to “build on this momentum.”
Trump had in a social media post, on Saturday, May 10, described the talks as being “very good” and “negotiated in a friendly, but constructive, manner.”
He added: “We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!”