U.S.-China Trade Deal Announced After Geneva Talks

U.S. Treasury Secretary Scott Bessent is set to reveal the details of a newly struck trade deal with China on Monday. The agreement, announced on Sunday, follows weekend negotiations in Geneva, though specific terms of the deal have not yet been disclosed.

Bessent described the talks as "productive," indicating that significant progress was made. He also mentioned that a comprehensive briefing with more details would be provided on Monday morning. The negotiations involved high-level officials from both countries, including U.S. Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng. Both Bessent and Greer reportedly kept President Donald Trump fully informed about the discussions.

Officials from both sides expressed optimism about the outcome. Greer noted the swift progress made, suggesting that the differences between the two countries might not have been as significant as previously thought. He also stated that the deal would help address what the administration has termed a "national emergency."

He Lifeng characterized the meeting as having "achieved substantial progress and reached important consensus." He stated that the two sides had agreed on creating a consultation mechanism for trade and economic issues.

The Geneva negotiations took place against a backdrop of escalating trade tensions. President Trump announced 145% tariffs on Chinese goods on April 2, to which China responded with 125% levies on U.S. products. This escalation has created uncertainty in financial markets and raised concerns about potential price increases for consumers and reduced availability of goods.

Trump himself commented positively on the first day of discussions, describing the negotiations as "a total reset negotiated in a friendly, but constructive, manner."

With limited information currently available, businesses and markets will be closely watching Monday’s briefing when Bessent is expected to provide more comprehensive details about the nature and scope of the agreement. The deal could bring relief amid recent trade tensions and provide a much-needed boost to the global economy.