U.S. Treasury Secretary Scott Bessent announced “substantial progress” in trade talks with Chinese Vice Premier He Lifeng in Geneva on Sunday, signaling a potential de-escalation of the trade war between the world’s two largest economies.
Bessent indicated that he would provide further details on Monday. U.S. Trade Representative Jamieson Greer, who also participated in the talks, suggested that the differences between the two sides may not be as significant as previously believed.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent told reporters, offering a cautiously optimistic assessment of the discussions.
Bessent confirmed that he had briefed President Donald Trump on the progress made during the talks and that a comprehensive briefing on the details would be provided on Monday.
The two-day talks in Geneva focused on finding ways to de-escalate the ongoing trade war, which poses a significant threat to the global economy.
