GENEVA (AP) — U.S. negotiators said Sunday that “substantial progress” was made and “perhaps the differences weren’t so large” after two days of negotiations with a high-ranking Chinese delegation on ways to ease a trade war sparked by President Donald Trump’s steep tariffs.
U.S. Treasury Secretary Scott Bessent, who led the U.S. delegation during talks in Geneva, said there was “a great deal of productivity.”
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent said.
He echoed the positive sentiment of Trump himself, who suggested on social media that “GREAT PROGRESS” was being made toward what he suggested could be a “total reset” on tariffs that have put the global economy on edge.
The Chinese delegation did not offer an immediate assessment of what occurred, but Beijing struck a more measured tone about the negotiations’ overall direction. China, in an editorial in its state-run news agency, said it would “firmly reject any proposal that compromises core principles or undermines the broader cause of global equity.”
The discussions were held at a stately villa that serves as the residence of the Swiss ambassador to the United Nations, and little information was available on-site or back in Washington as they unfolded. Besseent offered few details on exactly what was discussed but said he and U.S. Trade Representative Jamieson Greer spoke to Trump on Saturday night.
U.S. officials also planned a briefing with more details on Monday morning.
“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 far as maybe thought,” said Greer, who did not say what agreement he was referring to. Speaking to reporters near the villa, Greer and Bessent gave statement but did not take questions.
Greer also stressed that a top Trump priority means closing the U.S. trade deficit with China, which came to a record $263 billion last year.
“We’re confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency,” Greer said.
The discussions could help stabilize world markets roiled by the U.S.-China standoff that has ships in port with goods from China unwilling to unload until they get final word on tariffs.
Trump last month raised U.S. tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped $660 billion.
In its editorial, Xinhua said, “Talks should never be a pretext for continued coercion or extortion, and China will firmly reject any proposal that compromises core principles or undermines the broader cause of global equity.”
Still, top members of the Trump administration were following the president’s lead in insisting that a reset of U.S.-China trade relations could be in the offing.
“Secretary Bessent has made clear that one of his objectives is to de-escalate,” U.S. Commerce Secretary Howard Lutnick, who wasn’t in Geneva, said on “Fox News Sunday.” He added that the U.S. and China have both imposed tariffs that are “too high to do business, but that’s why they are talking right now.”
“We are the consumer of the world. Everybody wants to sell their goods here,” Lutnick said. So they need to do business with American and we’re using the power of our economy to open their economy to our exporters.”
Kevin Hassett, director of the White House National Economic Council, told Fox News Channel’s “Sunday Morning Futures” that “what’s going to happen in all likelihood is that relationships are going to be rebooted. It looks like the Chinese are very, very eager to play ball and to renormalize things.”
“We’re essentially starting over, starting from scratch with the Chinese.” Hassett said “and they seem to think that they really want to rebuild a relationship that’s great for both of us.”
The talks mark the first time the sides have met face-to-face to discuss the issues. And though prospects for a breakthrough are slight, even a small drop in tariffs, particularly if taken simultaneously, would help restore some confidence.
“Negotiations to begin de-escalating the growing US–China trade war are badly needed and it’s a positive sign that both sides were able to gracefully move beyond their bickering over who had to call first,” Jake Werner, director of the East Asia Program at the Quincy Institute for Responsible Statecraft, said in an email.
The Trump administration has imposed tariffs on countries worldwide, but its fight with China has been the most intense. Trump’s import taxes on goods from China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States.
The remaining 125% involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%.
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