Chinese Vice Premier He Lifeng announced during a media briefing following a second day of discussions with U.S. negotiators that the trade talks had made significant progress and established important consensus. The White House also confirmed a deal had been reached but did not provide specific details. U.S. Trade Representative Jamieson Greer referred to it as a “deal,” while Treasury Secretary Scott Bessent, present at the talks in Switzerland with Greer, stated that “substantial progress” had been achieved.
President Donald Trump expressed a willingness to reduce tariffs on China, suggesting on social media a decrease from 145% to 80%, citing that it felt appropriate. Trump’s previous escalation of tariffs on China led to retaliatory measures, sparking a trade war with the U.S.’s third-largest trade partner, which accounted for nearly $440 billion in imports the previous year. Concerns were raised by various companies regarding potential price hikes for American consumers.
China announced plans to issue a joint statement with the U.S. on Monday regarding the agreement reached on Sunday. The statement would include the establishment of a consultation mechanism for trade and economic matters, as well as the identification of key representatives for further discussions. Chinese Vice Premier He emphasized China’s consistent stance against a trade war, stating their willingness to engage in dialogue but also readiness to defend their interests.
Chinese officials described the meeting as productive, highlighting it as a crucial initial step towards resolving differences through equal dialogue. When asked about the impact of the potential deal on addressing the U.S. trade deficit, China deferred to the upcoming joint statement. Trade negotiator Li Chenggang emphasized China’s commitment to mutually beneficial outcomes in negotiations.
Overall, the atmosphere of the meetings was characterized by mutual respect and sincerity, as noted by Chinese trade negotiator Li Chenggang. The developments were seen as promising steps toward potential resolutions in the ongoing trade discussions between the U.S. and China.
