US and China set to announce progress made during marathon trade talks
CNN
The United States and China are set to announce details about progress made on a trade deal after officials from the world’s two largest economies engaged in a weekend of marathon negotiations in Geneva, Switzerland.
The United States and China are set to give more detail on Monday about progress made during a weekend of marathon trade negotiations in Geneva, Switzerland by officials from the world’s two largest economies. Washington played up progress toward a “deal” on Sunday after the talks concluded, while Beijing touted mutual agreement to begin a formal economic and trade negotiation process. The Chinese delegation told a press conference the two sides planned to finalize the details of the “consultation mechanism” as soon as possible and would release a joint statement Monday. Global investors are cheering a thaw in the trade war sparked by US President Donald Trump’s massive tariffs, which have roiled global markets, disrupted supply chains and stoked recession fears. Dow futures jumped about 1%, while S&P 500 futures rose 1.3%, and the tech-heavy Nasdaq Composite futures went up 1.7% on Sunday night. Asian markets were higher during Monday trading. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer did not share specifics about the negotiations in a brief statement to reporters on Sunday. “I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent said at the residence of the Swiss representative to the United Nations in Geneva, which served as the venue for the talks. Standing beside Bessent, Greer indicated that the two sides had reached some kind of agreement but did not give details. He pointed to a “$1.2 trillion trade deficit,” which he called a “national emergency” that required tariffs to be imposed.
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