BREAKING: Treasury Secretary Scott Bessent Strikes Breakthrough Trade Deal with China
U.S. Treasury Secretary Scott Bessent has reportedly secured a significant trade agreement with China, signaling a potential end to the protracted tariff war between the two economic powerhouses.
Over the weekend, high-level talks were held in Geneva between Secretary Bessent, U.S. Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng.
Saturday’s meetings lasted eight hours. At one point, the Chinese took a break, but talks resumed shortly afterward. The talks resume on Sunday.
Trump wrote on Truth Social Saturday, “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner. 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!!!”
The discussions aimed to address the escalating trade war, which has seen the U.S. impose tariffs as high as 145% on Chinese goods, with China retaliating with 125% tariffs on American products.
Following the second meeting on Sunday, Secretary Bessent stated that substantial progress had been made, and both sides described the discussions as productive.
While specific details of the agreement have not been disclosed, officials indicated that further information would be released on Monday.
Secretary Bessent:
“I think that led to a great deal of the productivity we’ve seen. 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. I spoke to President Trump, as did Ambassador Jamieson last night, and he is informed of what is going on. There will be a complete briefing tomorrow morning.”
WATCH:
.@SecScottBessent says there has been a “great deal of productivity” in trade talks with China: “We will be giving details tomorrow, but I can tell you that the talks were productive.” pic.twitter.com/v85uugnMnV
— Rapid Response 47 (@RapidResponse47) May 11, 2025
President Trump’s U.S. Trade Representative, Jamieson Greer, hinted that the newly struck deal could play a key role in ending the ongoing tariff war between the two global powers.
US Trade Representative Jamieson Greer:
I want to echo the Secretary’s remarks with respect to the Swiss government. They’ve been so welcoming—they hosted this, and everything has gone off flawlessly, and we appreciate that.Again, to the Chinese negotiators, who worked very diligently. These are very tough negotiators. A couple of them I know from before and have had past interactions with them.
This was, as the Secretary pointed out, a very constructive two days. It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as previously thought. That being said, there was a lot of groundwork that went into these two days.
Just to remember why we’re here in the first place: The United States has a massive $1.2 trillion trade deficit. The President declared a national emergency and imposed tariffs. We’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.
WATCH:
.@USTradeRep in Geneva: “The U.S. has a massive $1.2 trillion trade deficit, so the President declared a national emergency … We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency.” pic.twitter.com/1kuPhzzGLp
— Rapid Response 47 (@RapidResponse47) May 11, 2025
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