GENEVA — The lead U.S. negotiator in trade talks with China cited “a great deal of productivity” in resolving differences between the world’s two leading economic powers after officials wrapped two days of bargaining in Switzerland following President Donald Trump’s steep tariffs and Beijing’s retaliation.
U.S. Treasury Secretary Scott Bessent said Sunday that there was “substantial progress” in the weekend sessions but offered scant details on exactly what negotiations entailed. He said details would come at a briefing the following day.
There was no immediate comment from the Chinese representatives at the talks.
Bessent was more cautious in assessing the state of play than was his partner, U.S. Trade Representative Jamieson Greer.
“It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought,” said Greer, who did not say what deal he was referring to.
Negotiations could help stabilize world markets roiled by the U.S.-China standoff that has ships in port with goods from China unwilling to unload until they get final word on tariffs.
Trump last month raised U.S. tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped $660 billion.
In its editorial, Xinhua said, “Talks should never be a pretext for continued coercion or extortion, and China will firmly reject any proposal that compromises core principles or undermines the broader cause of global equity.”
Still, top members of the Trump administration were following the president's lead in insisting that a reset of U.S.-China trade relations could be in the offing.
“Secretary Bessent has made clear that one of his objectives is to de-escalate,” U.S. Commerce Secretary Howard Lutnick, who wasn't in Geneva, said on “Fox News Sunday.” He added that the U.S. and China have both imposed tariffs that are “too high to do business, but that’s why they are talking right now."
“We are the consumer of the world. Everybody wants to sell their goods here," Lutnick said. So they need to do business with American and we’re using the power of our economy to open their economy to our exporters."
Kevin Hassett, director of the White House National Economic Council, told Fox News Channel’s “Sunday Morning Futures” that “what’s going to happen in all likelihood is that relationships are going to be rebooted. It looks like the Chinese are very, very eager to play ball and to renormalize things.”
“We’re essentially starting over, starting from scratch with the Chinese,” Hassett said "and they seem to think that they really want to rebuild a relationship that’s great for both of us.”
The talks mark the first time the sides have met face-to-face to discuss the issues. And though prospects for a breakthrough are slight, even a small drop in tariffs, particularly if taken simultaneously, would help restore some confidence.
“Negotiations to begin de-escalating the growing US–China trade war are badly needed and it’s a positive sign that both sides were able to gracefully move beyond their bickering over who had to call first,” Jake Werner, director of the East Asia Program at the Quincy Institute for Responsible Statecraft, said in an email.
The Trump administration has imposed tariffs on countries worldwide, but its fight with China has been the most intense. Trump's import taxes on goods from China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States.
The remaining 125% involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%.