Bessent said he will provide more details on Monday.
U.S. Treasury Secretary Scott Bessent said on Sunday that his team has made “substantial progress” in trade talks with Chinese Vice Premier He Lifeng in Geneva, Switzerland.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent told reporters. Bessent said he had informed President Donald Trump of the progress and there will be a complete briefing on Monday.
U.S. Trade Representative Jamieson Greer, who was also at the talks, said the differences between the two sides were not as great as previously thought.
The United States and China began critical tariff negotiations over the weekend as ongoing trade relations remain sour after both nations imposed staggeringly high tariffs on one another this year.
In a Saturday post on Truth Social, Trump wrote that “great progress” had been made in discussions between his administration and China after the first day of the trade talks. He suggested a “total reset” was possible between the two countries.
Beijing has not yet publicly commented on the negotiations.
Discussions between the United States and China could help stabilize the world markets still reeling from the tit-for-tat tariff war between the two nations, with some ships in port with goods from China still unwilling to unload until they know the final decision on import tariffs.
The negotiations have occurred behind closed doors.
Multiple convoys of black vehicles have been spotted entering and leaving the residence of the Swiss ambassador to the United Nations delegations in Geneva, which is hosting the discussions intended to de-escalate trade relations between the world’s two largest economies.
Trade between China and the United States topped more than $660 billion last year.
After Trump raised tariffs on Chinese imports to 145 percent in April, China retaliated by imposing 125 percent levies on American goods. Trump has said he is considering lowering U.S. tariffs on Chinese imports to 80 percent in the coming days.
“80% Tariff on China seems right! Up to Scott,” Trump wrote in a Friday Truth Social post, referring to Treasury Secretary Scott Bessent.
By Jacob Burg
