BREAKING: US announces China trade deal

While specific terms of the deal were not disclosed, US Treasury Secretary Scott Bessent described the talks as “productive” and said more information will be released Monday.

“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks,” said Secretary of the Treasury Scott Bessent. “… The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of 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 [Greer] and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on, so there will be a complete briefing tomorrow.”

“This was, as the Secretary pointed out, a very constructive two days,” Greer said. “It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” Greer continued.

“That being said, there was a lot of groundwork that went into these two days. Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”

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.

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