Substantial progress made in US-China trade talks, says Bessent

Geneva/Washington — US treasury secretary Scott Bessent said on Sunday that there had been “substantial progress” in talks between his team and that of Chinese vice-premier He Lifeng in Geneva on defusing a trade war between the world’s two largest economies.

Bessent said he would give more details on Monday, while US trade representative Jamieson Greer, also at the talks, said the differences between the two sides were not as great as previously thought.

“I’m happy to report that we’ve made substantial progress between the US and China in the very important trade talks,” Bessent told reporters.

Bessent said he had informed President Donald Trump of the progress of the talks and there would be a complete briefing on details on Monday.

The talks had continued into a second day on Sunday as both sides discussed how to de-escalate a trade war that threatens to inflict major damage on the world economy.

Earlier on Sunday, US President Donald Trump hailed talks with China in Switzerland on Saturday, 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,” Trump posted on his Truth Social platform.

“We want to see, for the good of both China and the US, an opening up of China to American business. Great progress made,” the president said. He did not elaborate on the progress.

Earlier, top US and Chinese officials wrapped up the first day of talks in Geneva aimed at defusing a trade war that threatens to hammer the global economy and planned to resume negotiations on Sunday, a source close to the discussions said.

Chinese vice-premier He Lifeng met for about eight hours with Bessent and trade representative Jamieson Greer in their first face-to-face meeting since the world’s two largest economies heaped tariffs well above 100% on each other’s goods.

Neither side made any statements afterwards about the substance of the discussions nor signalled any specific progress towards reducing crushing tariffs as meetings at the residence of Switzerland’s ambassador to the UN.

Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by Trump’s tariff blitz starting in February and retaliation from Beijing that has brought nearly $600bn in annual bilateral trade to a virtual standstill.

Reuters