Trade deal struck with China: US
In a significant step toward thawing US-China trade relations, Washington on Sunday announced that it had struck a trade deal with China after two days of negotiation facilitated by the Swiss government in Geneva.
The details of the deals have not been made public for now.
Ahead of the talks, US President Trump had hinted that he was willing to lower the tariff rate on China to 80 per cent from the current 145 per cent, saying in a post to social media that it was “up to Scott B,” referring to Bessent.
“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we’ve seen,” US treasury secretary Scott Bessent said in his statement.
“We will be giving details tomorrow, but I can tell you that the talks were productive. I spoke to President Trump, as did Ambassador Jamiesson, last night, and he is fully informed of what is going on,” Bessent said.
Jamieson Greer said the weekend negotiation was very constructive. “Just remembers why we're here in the first place — the US has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs as we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,” Greer added.
