Monday 12 / May / 2025
Washington has wrapped a weekend of trade talks with China in Geneva, Switzerland with optimism, with both US and Chinese officials citing "progress."
US President Donald Trump's top economic and trade advisors have taken to the airwaves to announce that everything is going according to plan and the president's unorthodox approach to trade negotiations is working.
Top White House economic advisor Kevin Hassett told Fox News: "It looks like the Chinese are very, very eager to play ball and to re-normalize things."
What do we know about the talks?
The US negotiating team was led by US Treasury Secretary Scott Bessent. Beijing was represented by Chinese Vice Premier He Lifeng and his advisors.
Speaking after the Sunday negotiating session, Treasury Secretary Bessent noted "a great deal of productivity."
"I'm happy to report that we've made substantial progress between the United States and China in the very important trade talks," he said.
US Trade Representative Jamieson Greer said: "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 far as maybe thought."
A statement issued by Bessent and Greer on Sunday lacked details, which the US team says will be provided at an official briefing on Monday morning.
Later on Sunday, Chinese Vice Premier He also expressed optimism at the talks, reporting "important progress."
Speaking to reporters in Geneva, He said the atmosphere of the talks had been candid, in-depth, and substantive. The two countries are due to announce more details in a joint statement on Monday, he added, echoing Bessent's promise.
US 'optimism' over tariffs as partners file WTO complaints
US Commerce Secretary Howard Lutnick on Sunday said the talks were designed to "de-escalate" tensions between the world's two largest economies.
The talks come after Trump slapped 145% tariffs on China — which Beijing responded to with 125% tariff on US goods — amid a global onslaught designed to reset perceived US trade imbalances around the world.
Fittingly, Geneva is also home to the World Trade Organization (WTO), where numerous countries and even the European Union have filed complaints against Trump's approach, arguing his tariffs violate WTO rules.
Trump himself said that "great progress" had been made so far, claiming "many things discussed, much agreed to."
Commerce Secretary Lutnick said he was "optimistic," without offering details.
Earlier this week, Washington and London announced a trade deal that was praised as a "breakthrough" by Trump and "historic" by UK Prime Minister Keir Starmer, though no final deal has actually been signed, rather a commitment to get one done.
