US makes ‘substantial progress’ in China tariff talks, Treasury Secretary Scott Bessent says

U.S. and China wrapped trade talks in Geneva with “substantial progress,” per Treasury Sec. Bessent, though key issues remain and China warns against coercion.

The lead U.S. negotiator in trade talks with China cited “a great deal of productivity” in resolving differences between the world’s two leading economic powers after officials wrapped two days of bargaining in Switzerland following President Donald Trump’s steep tariffs and Beijing’s retaliation.

U.S. Treasury Secretary Scott Bessent said Sunday that there was “substantial progress” in the weekend sessions but offered scant details on exactly what negotiations entailed. He said details would come at a briefing the following day.

There was no immediate comment from the Chinese representatives at the talks.

Bessent was more cautious in assessing the state of play than was his partner, U.S. Trade Representative Jamieson Greer.

“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 far as maybe thought,” said Greer, who did not say what deal he was referring to.

Neither Bessent, who did not speak of any deal or agreement, nor Greer took questions after making statements at a news conference.

The White House subsequently issued a statement titled, “U.S. Announces China Trade Deal in Geneva” but offering only the same quotes by Bessent and Greer.

Trump himself also struck a positive tone, suggesting on social media on Saturday night that “GREAT PROGRESS” was being made toward what he suggested could be a “total reset” on the tariffs that have put the global economy on edge.