Treasury Secretary Scott Bessent thanked the Swiss government for providing a productive venue, attributing the setting to the success of the talks. It also hailed 'positive outcome' of the US-China trade talks. Before the talks, President Trump posted on social media that he was open to lowering tariffs on China from 145 per cent to 80 per cent, stating the decision was "up to Scott B," referring to Treasury Secretary Scott Bessent. While the agreement has been confirmed, specific details about the trade deal have not yet been made public. The senior American trade negotiator reported significant progress in addressing differences between the world's largest economies after concluding two days of discussions in Switzerland, following President Donald Trump's imposition of high tariffs and China's countermeasures.
US Treasury Secretary Scott Bessent indicated on Sunday that the weekend discussions yielded considerable advancement, though specific details were sparse. He stated that a comprehensive briefing would be provided the next day.
The Chinese delegation did not issue any immediate response regarding the discussions.
Bessent displayed more restraint in his evaluation of the proceedings compared to his colleague, US 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, though he did not specify which agreement he was discussing.
Chinese Vice Premier He Lifeng on Sunday hailed what he called "important progress" in trade talks with the United States, at the end of a weekend of closed-door discussions in Switzerland.
Speaking to reporters in Geneva, He said the atmosphere of the talks with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer had been candid, in-depth, and substantive, echoing similar language from the US delegation earlier in the day.
The two countries will put out a joint statement on the talks on Monday, May 12, He said.
He Lifeng, Chinese Vice Premier, announced on Sunday that during discussions in Geneva, China and the United States reached an agreement to establish a "consultation mechanism" to address trade-related tensions.
He disclosed to journalists in Geneva that discussions with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, conducted behind closed doors, led to an accord on "establishing a consultation mechanism".
Li Chenggang, who serves as China's international trade representative, clarified that this mechanism would facilitate "regular and irregular communications related to trade and commercial issues".
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US Treasury Secretary Scott Bessent indicated on Sunday that the weekend discussions yielded considerable advancement, though specific details were sparse. He stated that a comprehensive briefing would be provided the next day.
The Chinese delegation did not issue any immediate response regarding the discussions.
Bessent displayed more restraint in his evaluation of the proceedings compared to his colleague, US 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, though he did not specify which agreement he was discussing.
Chinese Vice Premier He Lifeng on Sunday hailed what he called "important progress" in trade talks with the United States, at the end of a weekend of closed-door discussions in Switzerland.
Speaking to reporters in Geneva, He said the atmosphere of the talks with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer had been candid, in-depth, and substantive, echoing similar language from the US delegation earlier in the day.
The two countries will put out a joint statement on the talks on Monday, May 12, He said.
He Lifeng, Chinese Vice Premier, announced on Sunday that during discussions in Geneva, China and the United States reached an agreement to establish a "consultation mechanism" to address trade-related tensions.
He disclosed to journalists in Geneva that discussions with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, conducted behind closed doors, led to an accord on "establishing a consultation mechanism".
Li Chenggang, who serves as China's international trade representative, clarified that this mechanism would facilitate "regular and irregular communications related to trade and commercial issues".
