Global News FreightWaves White House says China trade deal reached after ‘productive’ talks

Noi Mahoney, Sunday, May 11, 2025
Original Article: https://www.freightwaves.com/news/white-house-says-china-trade-deal-reached-after-productive-talks
Articles Reproduced by Permission of FreightWaves

President Donald Trump imposed 145% tariffs on goods from China in April. China responded with 125% tariffs on U.S. imports. (Photo: Jim Allen/FreightWaves)

US officials emerge from Geneva trade talks touting ‘substantial progress’

The Trump administration said on Sunday it has struck a trade deal with China after two days of negotiations in Geneva.

The announcement comes after U.S. and Chinese officials met in Switzerland to discuss the ongoing trade war.

“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks,” Treasury Secretary Scott Bessent said in a statement from the White House. “We will be giving details tomorrow, but I can tell you that the talks were productive.”

U.S. Trade Representative Jamieson Greer said an “agreement” had been reached after President Donald Trump imposed import taxes of 145% against China in April, with some sector-specific tariffs as high as 245%.

China retaliated by placing 125% duties on imports of U.S. goods.

“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 in a statement. “Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”

No further details were provided.

China was the third-ranked U.S. trading partner in 2024 at $582 billion in two-way international commerce.

Chinese officials did not say a trade deal had been reached but Vice Premier He Lifeng said on Sunday that “substantive progress has been made, important consensus reached.”

China and the U.S. have agreed to develop an “economic, trade consultation mechanism” and “conduct further consultations on issues of mutual concern,” He said in a statement on China Daily, the state news agency of China.

He said a joint statement by the two countries would be issued on Monday.