‘Total reset’: US announces China trade deal with ‘substantial progress’ in Geneva

The White House announced a trade deal with China after two days of talks in Geneva, while Beijing praised the agreement as “important first steps.”

US President Donald Trump said on Saturday that “great progress” was made on the first day of important US-China trade talks in Geneva and called the the developments a “total reset” in relations.

In a post on his social  media platform Truth Social, the Trump said, “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. We want to see, for the good of both China and the U.S., an opening up of China to American business. Great progress made!!!”

US officials spoke of a “deal” to reduce the trade deficit, while China said they had reached an “important consensus” and agreed to launch a new economic dialogue.

Details were not disclosed, but a joint statement is expected on Monday in Geneva, which Chinese officials say will bring “good news for the world.”

US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described “substantial progress” and said further details would be announced on Monday.

In separate briefings, neither the US nor China mentioned any agreement to lower the high tariffs on each other’s goods. US tariffs remain at 145  per cent, while China’s stand at 125 per cent. US officials did not take questions, but the Treasury Secretary has previously described these tariffs as a trade embargo that should be eased. Financial markets are watching closely, as the ongoing trade war continues to disrupt supply chains, cause job losses, and drive up prices.

Greer described the conclusion of the Geneva meetings as “a deal we struck with our Chinese partners” that will help reduce the $1.2 trillion US global goods trade deficit.

“And this was, as the Secretary pointed out, a very constructive two days,” Greer said. “It’s important to understand how quickly we were able to reach an agreement, which suggests that perhaps the differences were not as great as previously thought,” he added.

The US trade chief described He Lifeng, Li Chenggang, and Vice Finance Minister Liao Min as “tough negotiators.”

Speaking to reporters at China’s mission to the World Trade Organization, Vice Premier He described the talks as “candid, in-depth, and constructive” on issues of concern to both countries.

“The meeting achieved substantial progress and reached important consensus,” He said, drawing applause from a large audience of Chinese officials present at the WTO office.