U.S. Treasury Secretary Scott Bessent on Sunday reported “substantial progress” in high-stakes trade negotiations with top Chinese economic officials, signaling a potential breakthrough in efforts to end a damaging tariff war between the world’s two largest economies.
Speaking after two days of intense talks in Geneva, Bessent said that full details of the agreement would be released on Monday, adding that President Donald Trump had been briefed and was “fully aware” of the outcomes.
“We had productive talks,” Bessent said, though he declined to provide specifics or take questions. The negotiations, which took place at the residence of Switzerland’s UN ambassador in Cologny, marked the first in-person engagement between Bessent, U.S. Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng since both nations imposed punitive tariffs exceeding 100%.
Greer hailed the talks as a significant step forward. “This is a deal we struck with our Chinese partners that will help reduce the $1.2 trillion U.S. global goods trade deficit,” he said, noting that the pace of agreement underscored that the “differences were not as wide as presumed.”
President Trump echoed the optimism in a post on his Truth Social account, describing the outcome as “a total reset… in a friendly, but constructive, manner” and declaring that “GREAT PROGRESS MADE!!!”
White House economic adviser Kevin Hassett reinforced this message, stating on Fox News that China appeared “very, very eager” to reset trade relations. He also hinted that more trade agreements—with countries beyond China—could follow soon.
While Bessent emphasized the need to lower existing tariffs, no immediate commitments were revealed. Monday’s statement is expected to clarify steps toward de-escalation, market access, and future reforms.
The talks reflect renewed diplomatic momentum to ease global economic tensions amid fragile post-pandemic recoveries.
