US and China reach breakthrough trade agreement in Geneva
The United States has announced the conclusion of a trade agreement with China following two days of negotiations in Geneva. According to Treasury Secretary Scott Bessent, the talks were productive, and the details will be released on Monday.
"I am pleased to report that we have made significant progress in the trade talks between the United States and China. First and foremost, I would like to thank our Swiss hosts. The government of Switzerland has been very gracious in providing us with this wonderful venue, which, in my opinion, contributed to the high efficiency of our efforts," said U.S. Treasury Secretary Scott Bessent.
He added that further details will be provided on Monday but assured that "the talks were fruitful."
The U.S. Trade Representative, Ambassador Jamieson Greer, remarked that these were two constructive days.
"This was, as the Secretary pointed out, a very constructive two days. 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. 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 £992 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" he stated.
Greer expressed hopes that the agreement reached with the Chinese partners will assist the USA in its efforts to resolve this state of emergency.
