Chinese Vice Premier He Lifeng announced in a media briefing after two days of discussions with U.S. negotiators that substantial progress and important consensus were achieved in trade talks with the U.S. The White House also confirmed a deal had been reached, though details were not provided.
U.S. Trade Representative Jamieson Greer referred to it as a “deal,” while Treasury Secretary Scott Bessent, present at the talks, stated that “substantial progress” had been made. President Donald Trump indicated a willingness to reduce tariffs on China, proposing a decrease from 145% to 80%.
Following Trump’s recent tariff hikes on China, triggering retaliatory tariffs from China on U.S. goods, the two countries engaged in a trade war affecting significant imports. Concerns were raised about potential price increases for American consumers by various companies.
China announced plans to release a joint statement with the U.S. on Monday regarding the agreement reached on Sunday. The statement outlines the establishment of a consultation mechanism for trade and economic matters, along with ongoing consultations on relevant issues of mutual interest.
Chinese officials described the meeting as productive, emphasizing the importance of resolving differences through dialogue. When asked about the potential impact of the deal on the U.S. trade deficit, China deferred to the upcoming joint statement. Trade negotiator Li Chenggang highlighted China’s commitment to win-win outcomes and emphasized the atmosphere of meetings as characterized by mutual respect and sincerity.
