The United States and China have reached a deal to resolve the ongoing trade war between the world's two biggest economies, top officials from the Trump administration announced on Sunday. The deal, finalized during talks in Switzerland over the weekend, remains under wraps for now, though officials suggested that further details will be released on Monday.
"The U.S. has a massive $1.2 trillion trade deficit, so the President declared a national emergency," US Trade Representative Jamieson Greer said Sunday as the two nations geared up to finalize a balanced deal. "We're confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency."
US and China Find Peaceful End to Trade War
U.S. Treasury Secretary Scott Bessent said on Sunday that "substantial progress" in U.S. talks with China's top economic officials has resulted in the two nations reaching a deal but offered no further details.
Bessent told reporters that the details of the trade deal would be shared on Monday, adding that U.S. President Donald Trump was fully aware of the outcome of the "productive talks."
Jamieson Greer, U.S. Trade Representative who joined Bessent, Chinese Vice Premier He Lifeng, and two Chinese vice ministers in the negotiations, referred to the outcome as "a deal we struck with our Chinese partners" aimed at helping in reducing the United States' $1.2 trillion global goods trade deficit.
"And this was, as the Secretary pointed out, a very constructive two days. 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 maybe thought," Greer said, adding that the Chinese officials were "tough negotiators"
Easing Tensions Between US and China
While Bessent admitted that the current tariffs were excessively high and should be reduced as part of efforts to ease tensions, he did not offer any specifics regarding potential tariff cuts and declined to answer questions from the press.
The meeting marked the first in-person engagement between Bessent, Greer, and He since the U.S. and China imposed tariffs exceeding 100% on each other's products.
Earlier, White House economic adviser Kevin Hassett said that China was "very, very eager" to enter talks and work toward rebalancing trade ties with the United States.
Hassett also said on Fox News that more international trade agreements with other nations could be announced as early as this week.
Meanwhile, Trump offered an optimistic assessment of the discussions, describing them as "a total reset... in a friendly, but constructive, manner."
"A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform.
"We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!," Trump added, without elaborating on the progress.
