"US officials say deal struck to cut China trade deficit, details on Monday"

From Reuters, May 11:

• Geneva talks hailed as 'substantial progress'
• USTR Greer describes result as 'a deal we struck'
• Bessent, Greer to announce details on China talks on Monday
• No mention of tariff reductions from US officials, White House

U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer said on Sunday they reached a deal with China to cut the U.S. trade deficit, describing "substantial progress" in high-stakes talks with Chinese officials but offering no details as two days of negotiations concluded in Geneva.

 

Bessent told reporters that details would be announced on Monday and that U.S. President Donald Trump was fully aware of the results of the "productive talks" with Chinese Vice Premier He Lifeng and two Chinese vice ministers.

 

Bessent and Greer did not mention any plans to cut punishing U.S. tariffs of 145% on Chinese goods and China's 125% tariffs on U.S. goods.

 

They took no questions from reporters.

 

The U.S. Treasury chief has said previously that these duties amount to a trade embargo between the world's two largest economies and need to be "de-escalated."

Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion U.S. global goods trade deficit.

 

"And this was, as the secretary pointed out, a very constructive two days," Greer said. "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 maybe thought," Greer said....

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