The United States and China have reported notable progress following two days of high-level trade negotiations in Geneva. U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer led the American delegation, while Chinese Vice Premier He Lifeng represented Beijing.
The discussions aimed to address escalating economic tensions marked by the U.S. imposing tariffs up to 145% on Chinese imports and China’s retaliatory 125% duties on American goods. These measures have significantly impacted global supply chains and market stability.
Secretary Bessent described the talks as “productive,” noting that both sides have agreed to establish a mechanism for ongoing trade consultations. Greer emphasized the urgency of addressing the U.S.’s substantial trade deficit with China, stating that the recent talks are a step toward resolving this imbalance.
Chinese Vice Premier He Lifeng acknowledged the progress, highlighting the mutual benefits of U.S.-China economic ties and expressing a willingness to manage differences through equal dialogue. He stated that both nations have reached an “important consensus” on tariffs and trade, agreeing to establish an economic and trade consultation mechanism.
While specific details of the agreement have not been disclosed, both parties have indicated that further information will be released soon. The outcome of these talks may signal a shift toward more stable trade relations between the two nations.
Market reactions have been cautiously optimistic, with stock futures experiencing an uptick amid investor anticipation of a potential easing in trade tensions. Further details of the agreement are expected to be announced in the coming days.