BREAKING: US and China make 'substantial progress' in trade talks: Bessent

Treasury Secretary Scott Bessent announced Sunday from Switzerland that the US and China have made major strides in trade negotiations, signaling a potential breakthrough after two days of talks he called “very constructive.”

Speaking to reporters, Bessent said the two sides had narrowed key disagreements and that “differences are not as great as previously thought.” He confirmed that full details of the progress would be released on Monday, raising hopes for a possible easing of trade tensions between Washington and Beijing.

President Donald Trump also announced on Truth Social that “great progress” was made over the weekend during trade negotiations between the United States and China, signaling a potential breakthrough in economic relations between the two countries. 

Bessent, engaged in talks with a Chinese delegation in Genevea, Switzerland, over the weekend to discuss trade issues. Trump described the meeting as productive and said the tone of the discussions was “friendly, but constructive.”

“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!!!” Trump posted on Saturday.

The meeting was the first high-level conversation between US and Chinese officials since both nations escalated their trade dispute. The United States recently raised tariffs on Chinese imports to 145 percent, prompting China to retaliate with 125 percent tariffs on American goods.

Despite the tariffs, both sides appear to be moving toward a potential trade agreement. On Thursday, Trump told reporters at the White House that China “very much” wants a deal, according to Fox News.

Trump has repeatedly defended the use of tariffs, citing the US trade deficit with China and other nations. Treasury Secretary Bessent echoed this position last month, arguing the economic impact of the tariffs would be far more damaging to China than to the United States.

"Even if there is a drop in the tariffs, they could lose 5 million jobs," Bessent told reporters last month. "Remember that we are the deficit country. They sell almost five times more goods to us than we sell to them. So, the onus will be on them to take off these tariffs."