The US has confirmed it has struck a trade deal with China following crunch talks that took place in Switzerland over the weekend. The world's two biggest economies have been locked in a trade war after President Donald Trump introduced huge tariffs.
US Treasury Secretary said the two sides had made "substantial progress" in the "very important trade talks". Scott Bessent added that Donald Trump is "fully informed" of the discussions which he described as "productive". Details of the US-China trade deal are expected to be revealed on Monday.
A White House press release stated: "US Announces China Trade Deal in Geneva," but failed to give any details of the agreement.
US trade representative Jamieson Greer, who led the American delegation during the talks, said the discussions had been "very constructive".
He 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.
"That being said, there was a lot of groundwork that went into these two days. Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”
The US placed a whopping 145% tariff on goods from China, while Beijing responded with 125%.
China hasn't immediately commented on the talks which were held at a stately villa that serves as the residence of the Swiss ambassador to the UN.
The discussions could help stabilise world markets roiled by the US-China standoff that has seen ships in port with goods from China unwilling to unload until they get final word on tariffs.
Earlier this week, the UK and US agreed on a trade deal - the first of its kind since President Trump unveiled sweeping tarrifs on a number of countries in his so-called Liberation Day last month.
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