Leavitt: The US to continue negotiations with China.

Leavitt: The US to continue negotiations with China.

The United States and China have made substantial progress in their trade negotiations following a weekend of closed-door discussions in Geneva. The meeting, which took place at the Swiss ambassador to the United Nations' villa, marked the first high-level engagement between the two nations since the latest round of tariff-driven trade conflicts.

US Treasury Secretary Scott Bessent hailed the progress made during the talks, stating, "I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks." He added that the discussions were productive and that the differences between the sides were not as large as initially thought [1].

The talks were led by Bessent and US Trade Representative Jamieson Greer on the US side, and by Chinese Vice Premier He Lifeng on the Chinese side. Both US officials emphasized the need for fair trade and expressed optimism about the potential for de-escalation of tensions. Greer described the atmosphere of the talks as candid, in-depth, and substantive, echoing similar sentiments from the US delegation [1].

Both the US and China have agreed to release a joint statement on Monday detailing the outcomes of the talks. The discussions come amidst ongoing geopolitical tensions and economic uncertainties, with the world's two largest economies seeking to address the current state of their trade relations, which have been significantly impacted by the high tariffs imposed by the US and China's subsequent retaliatory measures.

The meeting in Geneva follows weeks of intensifying hostilities between India and Pakistan, with both nations exchanging fire along their shared border. The trade talks, however, have not been directly influenced by these geopolitical tensions, but rather serve as a separate diplomatic effort to stabilize trade relations between the US and China.

References:
[1] https://www.forexlive.com/news/forexlive-asia-pacific-fx-news-wrap-1-uschina-to-meet-on-trade-20250507/
[2] https://www.aljazeera.com/economy/2025/5/11/us-china-hail-substantial-progress-made-in-tariff-talks-in-geneva