U.S. Treasury Secretary Scott Bessent reported "substantial progress" in U.S. talks with China’s top economic officials to de-escalate a damaging trade war.
According to Bessent, U.S. President Donald Trump was fully aware of the results of the "productive talks in Geneva."
U.S. Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion U.S. global goods trade deficit.
According to Bessent, the bilateral duties are too high, they need to be reduced as part of efforts to de-escalate trade tensions between the two countries. Greer said the differences between the parties turned out to be "not so large as maybe thought."
The total U.S. duties on goods from China stands at 145%. In response, China raised tariffs on American goods to 125% from April 12.
