Topline
The White House said Sunday afternoon a trade deal was reached with China, though the Trump administration did not provide further details following a meeting between American and Chinese officials in Geneva that Treasury Secretary Scott Bessent said yielded “substantial progress.”
Treasury Secretary Scott Bessent testifies before the House Committee on Appropriations, … More
Key Facts
After Bessent’s comments, the White House released a statement titled “U.S. Announces China Trade Deal in Geneva” and included a comment from U.S. Trade Representative Jamieson Greer in which he said, “it’s important to understand how quickly we were able to come to agreement”—though no details of the agreement were made public.
More information will come Monday, Bessent said after talks concluded in Geneva on Sunday.
Bessent said there was “a great deal of productivity” in Sunday’s talks, according to a clip posted by Trump’s rapid response team.
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What To Watch For
What the agreement reached is. Bessent said Sunday “there will be a complete briefing tomorrow morning.”
Big Number
80%. That’s what Trump suggested he could lower tariffs on China to before the meetings took place, saying in a Friday morning Truth Social post: “80% Tariff on China seems right! Up to Scott B.,” likely referring to Bessent.
Key Background
This weekend was the first meeting between U.S. and Chinese economic officials since the trade war began earlier this year, and Trump suggested ahead of the meetings that U.S. officials would “have a good weekend with China.” China has implemented a 125% tariff rate on U.S. imports, slightly lower than the 145% the Trump administration has imposed on Chinese imports. Last year, the tariff rate on goods coming in from China was about 11%, but Trump upped the rate as part of his “Liberation Day” tariff announcements in which he implemented a base 10% tariff rate on all countries the U.S. trades with, though a much higher rate was imposed on many countries. China was the third-largest exporter to the U.S. last year—with $143.5 billion in exports coming in—but it had a $295 billion trade surplus with the U.S., which was far and away the largest of any trading partners, according to data from the Census Bureau.
Further Reading
US, China Made ‘Substantial Progress’ in Talks in Geneva (Bloomberg)
Trump Floats 80% China Tariffs And ‘Many’ Other Deals—As U.S. And China Prepare For Trade Talks (Forbes)
