Chinese Vice Premier He Lifeng: Significant consensus reached between China and the U.S., substantial progress achieved in talks

Chinese Vice Premier He Lifeng: Significant consensus reached between China and the U.S., substantial progress achieved in talks

Geneva, Switzerland - U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer have reported significant progress in two days of high-stakes trade talks with Chinese officials in Geneva. The negotiations, which concluded on Sunday, resulted in a deal that both sides described as substantial progress in addressing the U.S. trade deficit.

According to Bessent, the talks with Chinese Vice Premier He Lifeng and two Chinese vice ministers were productive, with both sides reaching agreement on key points. Greer described the outcome as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion U.S. global goods trade deficit. He noted that the rapid agreement suggests that the differences between the two nations were not as large as previously thought.

While the details of the agreement are yet to be announced, Bessent and Greer indicated that they would be provided on Monday. The U.S. officials did not mention any specific plans to reduce the punishing tariffs of 145% on Chinese goods and 125% on U.S. goods, which have been a source of contention between the two countries.

The negotiations took place at the gated villa of Switzerland's U.N. ambassador, overlooking Lake Geneva. The choice of venue was made following recent visits by Swiss politicians to both China and the United States. The talks were the first face-to-face interaction between senior U.S. and Chinese economic officials since the Trump administration launched a global tariff blitz in 2018.

The White House has expressed optimism about the talks, with economic adviser Kevin Hassett stating that the Chinese were "very, very eager" to engage in discussions and rebalance trade relations. Hassett also mentioned that deals with other countries could be announced as early as this week.

President Donald Trump posted a positive reaction on his Truth Social platform, describing the talks as a "total reset" done "in a friendly, but constructive, manner." He also noted that "many things discussed, much agreed to," and expressed a desire for China to open up to American business.

The trade talks come amid high levels of distrust between the two countries, with economic analysts having low expectations of a breakthrough. However, the swift agreement suggests that the differences between the two nations may not be as insurmountable as previously thought.

Reference List:
[1] https://www.reuters.com/world/china/us-china-talks-defuse-trade-row-resume-geneva-2025-05-11/
[2] https://www.cryptopolitan.com/scott-bessent-strikes-trade-deal-with-china/