US Treasury Secretary Scott Berent testifies before a hearing of a House Financial Services Committee entitled “The annual testimony of the secretary of the treasury about the state of the international financial system”, on Capitol Hill in Washington, DC, US, 7 May 2025.
Nathan Howard | Reuters
The White House has adjusted a “trade agreement” with China on Sunday without providing details, after Trump officials spent the weekend with their Chinese counterparts.
Although the details of the deal are still unclear, every de-escalation brings in the current trade war curses for much needed lighting on a global economy that has been red since the rate announcement of President Donald Trump 2 April.
Treasury Secretary Scott Bessent said on Sunday that the commercial conversations that took place in Geneva were ‘productive’.
He said that the conversations yielded “a lot of” productivity and that he would give more details in a full briefing on Monday morning.
Beent also said that he and the American trade representative Jamieson Greer Boy spoke with President Donald Trump on Saturday evening and “he was fully reported” about the discussions.
During the comments on Sunday, Greer said that the rear officials should subject the “deal”, but not provides a spectification. He greeted the discussions as ‘very constructive’.
“It is important to understand how fast we were to agree, which reflects that the differences may not were as long as perhaps,” said Greer.
“We are convinced that the deal that we have concluded with our Chinese partners will help us work together to resolve that national emergency situation,” I added.
The Chinese officials who participated in the meetings also spoke positively.
Deputy Prime Minister of the People’s Republic of China He Lifeng said that the ME achieved “substantial progress and achieved important consssis.”
“The two parties agreed on the establishment of the consultation mechanism for trade and economic issues,” Lifeng said.
China International Trade representative Li Chenggang Suggesta Duat A statement would soon come with more details about the negoties, but did not say when the explanation would be released.
“As we say in China, if the dishes are delicious, the timing is not a matter,” said Chengang.
“I think, regardless of when this statement was released, it will be a big news. Good news for the world.”
Negotiations with high deployment in Switzerland are coming this weekend in the midst of Widepretad Economic Uncertainty resulting from the trade war in the US china.
The two countries are boring in a tit-for-tat in the weeks since Trump announced 145% rates at Beijing. In response, China increased his taxes on American goods to 125%.
The impasse has greeted the financial markets and has been concerned about fewer goods and rising prices for consumers.
Trump praised the first day of discussions and wrote that the American officials had a “Vray Good Meeting Today with China” in a Saturday Truth Social Post.
“Many things discussed, much agreed,” Trump wrote. “A total reset has been negotiated in a friendly but constructive way.”
Bear said that he and Greer met the Deputy Prime Minister of China, in addition to two vice ministers, who called the Minister of Finance “Integly involved” in discussions.
