Bessent Says U.S.-China Trade Talks Were ‘Productive,’ but Doesn’t Announce Deal
Treasury secretary said substantial progress had been made with details to come Monday
Key Points
- U.S. and Chinese officials met in Switzerland to discuss the ongoing trade war, but no deal was announced.
- Both sides described the talks as productive, with the U.S. delegation promising to share more details on Monday.
- Trump has suggested lowering tariffs and wants fairer trade with Beijing, as well as a curb on fentanyl trafficking.
GENEVA—Senior economic officials from the U.S. and China concluded their weekend trade talks Sunday with no deal announced to end the continuing trade war between the countries.
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, who led the U.S. delegation, told reporters that substantial progress was made during the marathon discussions with their Chinese counterparts, led by Chinese Vice Premier He Lifeng. The talks were “productive,” Bessent said, adding that the U.S. side will share more details Monday.
The Chinese Embassy in Washington didn’t immediately respond to questions.
The talks spanned at least eight hours Saturday and several hours Sunday.
President Trump posted on social media after the first day of talks concluded, saying great progress was made. “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,” he wrote, without offering details.
Chinese leader Xi Jinping decided to dispatch his top aides, The Wall Street Journal previously reported. Notably, in addition to He, his economic right-hand man, Xi’s public-security minister, Wang Xiaohong, was also expected to be part of the Chinese entourage.
The talks set the stage for a potential thawing of trade relations between the world’s two largest economies. Since starting his second term, Trump has slapped 145% tariffs on Chinese goods while Beijing has hit back with 125% duties on American products.
Though some U.S. and China officials departed the Saturday meeting early, Bessent and Greer remained for at least an extra hour to continue talks with the remaining Chinese delegation, according to one of the people briefed on the discussions. Bessent, Greer and other officials from both countries who remained were expected to have dinner at the meeting site. Earlier, Greer and Bessent were spotted having lunch with their respective teams, separate from the Chinese delegation at a nearby Italian restaurant.
The talks took place at the residence of the Swiss ambassador to the United Nations. The sprawling property is behind a massive gate on a small, one-way street. Dozens of law-enforcement officials, including the U.S. Secret Service, provided security. Both U.S. and Chinese officials were seen being escorted to the site in black vehicles with tinted windows.
China’s state-run news agency Xinhua described Saturday’s meetings as “an important step toward resolving the dispute” between the two world powers.
Trump has opened the door for lower tariffs. He said in recent days that they couldn’t get much higher than the current 145%, so that it was likely they would eventually come down. And Friday, he suggested lowering tariffs to 80%. On Friday night, Commerce Secretary Howard Lutnick told Fox News that the president is expected to keep significant so-called reciprocal tariffs on trade with China but may settle near 34%, which is the rate Trump announced on April 2.
Trump has said he wants fairer trade with Beijing—the president has often criticized China’s manufacturing power—and that he wants to curb its role in fentanyl trafficking into the U.S. It is likely the U.S. would want to see some commitments from China on either front before lowering tariffs.
Some administration officials viewed Trump’s 80% idea as a public message to encourage Bessent to try to get closer to completing an arrangement that would lower China’s tariff rate to around 80%, the Journal previously reported.