US Treasury Secretary Scott Bessent announced the agreement with a statement titled “US Announces China Trade Deal in Geneva” published on the White House website after the meetings.
In his statement, Bessent stated that significant progress has been made in the negotiations between the US and China and that the details of the negotiations will be shared with the public later today.
Treasury Secretary Scott Bessent stated: "I am pleased to announce that we have made significant progress in the very important trade negotiations between the United States and China. First, I want to thank our Swiss hosts. The Swiss government has been very gracious in providing us with this wonderful venue, and I think that has contributed greatly to the efficiency we have seen.
We will announce the details today, but I can safely say that the meetings were very productive. The Deputy Prime Minister, the two Deputy Ministers, Ambassador Jamieson and I have been actively involved in the discussions. I met with President Trump last night, Ambassador Jamieson did as well, and he has been fully briefed on developments.
Therefore, we will have a full briefing in the morning today. I would like to thank all the parties who have supported us in this process. We believe that this step to improve our trade balance will contribute greatly to achieving our long-term economic goals."
US Trade Representative Ambassador Jamieson Greer, who participated in the talks, described the process as “constructive and strategic” in his assessment after the negotiations. "As the minister noted, these two days have been very constructive. I think the fact that we were able to reach agreement so quickly shows that the differences are not as great as perhaps they were thought to be. It also shows how willing both sides are to find a solution," Greer noted.
Greer also drew attention to the background of the talks, stating, "A great deal of effort went into the preparation of these two days. Remember why we are here in the first place - the United States has a huge trade deficit of USD 1.2 trillion. So the President declared a national emergency and imposed tariffs. We believe this agreement with our Chinese partners will help us resolve this national emergency."
Trump: “The resumption process was negotiated”
On the other hand, US President Donald Trump announced yesterday on Truth Social that the talks with China went very well and “great progress” was made.
Trump made the following assessments in his statement: "A lot of things were discussed, a lot of things were agreed upon. We negotiated a full resumption in a friendly but constructive way. We had a constructive dialog with our Chinese counterparts, which is a good start to a more balanced and sustainable future economic relationship."
US officials will publicize the details of the agreement reached between the parties at an official briefing today. The agreement is expected to include important articles on topics such as reducing the trade deficit, reassessing mutual tariffs and technology transfer.
Comments
No comment yet.