U.S. Treasury Secretary Scott Bessent testifies earlier than a Home Monetary Companies Committee listening to entitled “The Annual Testimony of the Secretary of the Treasury on the State of the Worldwide Monetary System,” on Capitol Hill in Washington, D.C., U.S., Could 7, 2025.
Nathan Howard | Reuters
The White Home on Sunday introduced a “commerce deal” with China with out offering specifics, after Trump administration officers spent the weekend negotiating with their Chinese language counterparts.
Whereas particulars of the deal are nonetheless unclear, any de-escalation within the ongoing commerce conflict might deliver much-needed aid to a world economic system that has been roiled since Trump’s April 2 tariff announcement.
Treasury Secretary Scott Bessent stated Sunday that the commerce talks that passed off in Geneva over the weekend have been “productive.”
He stated the talks yielded “an ideal deal” of productiveness and that he would give extra particulars in an entire briefing on Monday morning.
Bessent additionally stated that he and U.S. Commerce Consultant Jamieson Greer each spoke to President Donald Trump on Saturday night and “he’s totally knowledgeable” in regards to the discussions.
Greer stated throughout remarks on Sunday that the officers reached some type of a “deal,” however didn’t present any specifics. He hailed the discussions as “very constructive.”
“It is necessary to know how rapidly we have been in a position to come to settlement, which displays that maybe the variations weren’t so giant as perhaps thought,” Greer stated.
“We’re assured that the deal we struck with our Chinese language companions will assist us work towards resolving that nationwide emergency,” he added.
The high-stakes negotiations in Switzerland this weekend come amid widespread financial uncertainty stemming from the U.S.-China commerce conflict.
The 2 nations have been engaged in a tariff tit-for-tat within the weeks since Trump introduced 145% tariffs on Beijing. In response, China raised its levies on U.S. items to 125%.
The standoff has roiled the monetary markets and sparked considerations of fewer items and rising costs for shoppers.
Trump praised the primary day of discussions, writing that the U.S. officers had a “excellent assembly at present with China” in a Saturday Reality Social publish.
“Many issues mentioned, a lot agreed to,” Trump wrote. “A complete reset negotiated in a pleasant, however constructive, method.”
Bessent stated that he and Greer met with the vice premier of China, along with two vice ministers, who the treasury secretary known as “integrally concerned” in discussions.