Progress in US-China Trade Relations Following Productive Talks, Says Treasury Secretary

Treasury Secretary Scott Bessent announced on Sunday that significant strides have been made in the ongoing trade negotiations between the Trump administration and China. This assertion came during his media briefing from Switzerland, where he described the discussions as highly productive.

“We will be providing further details tomorrow. But I can share that the talks were indeed productive,” Bessent informed the press. He highlighted the involvement of key figures, including the Chinese vice premier and two vice ministers, along with Ambassador Jamieson Greer and himself. Furthermore, he assured that President Trump is fully briefed on the developments.

Tariffs and Trade Deficits

The Trump administration has imposed tariffs as steep as 145% on various Chinese imports while endeavoring to address the nation’s persistent trade imbalance with foreign markets. Initially, Trump paused his reciprocal tariff plans, which took effect on April 2, following requests from other countries for trade agreements. However, tensions escalated as China responded to Trump’s policies with substantial tariffs on American goods, with duty rates soaring to 125%.

Key Meetings in Switzerland

Bessent and U.S. Trade Representative Jamieson Greer met their counterparts from China last weekend in Switzerland to discuss the future of their economic relationship. This crucial dialogue was acknowledged in a recent Truth Social post by Trump, who emphasized the diplomatic atmosphere surrounding the negotiations.

In his post, Trump stated, “Many things discussed, much agreed upon. A total reset negotiated in a friendly but constructive manner. Our goal is to facilitate greater access for American businesses into China. GREAT PROGRESS MADE!!!” This statement reflects the administration’s optimism about enhancing economic ties.

China’s Response to U.S. Initiatives

China’s Ministry of Commerce previously indicated that it was considering an offer from the Trump administration to negotiate over the 145% tariffs on Chinese products. The ministry expressed that the United States has made efforts to communicate its openness for dialogue.

“The U.S. has reached out multiple times through various channels, indicating its desire to engage in discussions with China,” the statement from the ministry articulated.

Timing and Strategic Implications

Trump and his administration have repeatedly indicated their willingness to enter trade talks with China. On April 8, Trump noted, “We are waiting for their call. It will happen,” highlighting a commitment to ongoing negotiations aimed at resolving trade issues.

Recent Developments with Other Trade Partners

The updates concerning China follow a separate trade agreement signed with the UK last week. This agreement stands as the first formal trade deal since Trump’s announcement on