Details of the contract will be discussed at a “full briefing” Monday morning, the Treasury Secretary said.
The Trump administration said on May 11 that it negotiated a trade deal with China after weeks of Tarto tariff escalation between the two largest economies in the world.
“We are pleased to report that great progress has been made between the US and China in a very important trade talks,” Bescent told reporters. Bescent notified President Donald Trump of his progress and said there would be a full briefing Monday morning.
“The Swiss government was extremely kind to provide us with this wonderful venue, and I think that led to the massive amount of productivity we saw,” Bescent said. “I’ll give you more details tomorrow, but I can tell you that the lecture was productive.”
US trade representative Jamieson Greer, who attended the talks with Bessent, said the negotiations were constructive and concluded with a “trade with Chinese partners.”
“It’s important to understand how quickly we were able to reach an agreement, which probably reflects the difference wasn’t as big as it was thought,” Greer said.
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He added that the participating Chinese officials are “stricken negotiators.”
The discussion marked him in person after Bescent, Greer and both countries, whom he has two largest economies in the world, began to impose tariffs that far exceed each other’s imports.
Bessent previously said bilateral tariffs between the two countries would need to reduce efforts towards de-expansion, but did not provide further information on potential reductions and did not ask reporters questions.
Beijing has not yet publicly commented on the negotiations.
The debate between the US and China could help stabilize the global market. The global market remains unsettled by the harsh tariff war between the two countries, where some vessels in the port from China still do not want to unload until they know the final decision on import tariffs.
The negotiations took place behind closed doors.
Several black vehicles have been found to enter and exit the residence of the Swiss ambassador of the United Nations delegation in Geneva.
The convoy carrying the US Treasury Secretary will arrive in Geneva on May 11, 2025 at the permanent Swiss ambassador’s residence at the UN office during consultations between the US and Chinese officials. Valentin Flauraud/AFP via Getty Images
Trade between China and the US exceeded more than $660 billion last year.
“The 80% tariff on China seems right! Until Scott,” Trump mentioned Bescent in his Truth Social Post Friday.
This is the first time both parties have met in person in person to discuss tariffs amid an ongoing trade war. Even a minimal drop in tariffs can be considered a breakthrough.
Trump initially levied a 20% tariff on Chinese products along with 25% tariffs in Mexico and Canada after accusing him of contributing to the uncorporated trafficking of fentanyl, a powerful synthetic opioid.
The president then added additional tariffs to China. This includes mutual measures, bringing the total tax on Chinese products to 145%.
Trump also targets China’s trade deficit with the United States, reaching $295.4 billion last year.
Xi Jinping, the leader of the Chinese Communist Party, is visiting Russian President Vladimir Putin this weekend in Moscow. This overshadows hope that tariff negotiations between the US and China could lead to broader improvements in relations between the two countries.
Bessent highlighted the national security component of trade negotiations with China.
“I look forward to productive consultations as we work to recalibrate the international economic system to better serve the interests of the United States.”
Andrew Thornbrook, Reuters and the Associated Press contributed to the report.
