The US announced on Sunday that it has reached an agreement on a trade deal with China after two days of talks. This important negotiation took place in Geneva under the mediation of the Swiss government. However, the full details of the agreement have not been made public at the moment. US officials have said that all its details will be shared on Monday.
This agreement is being considered a big step towards reducing the long-running trade war between the US and China. Before the talks, President Donald Trump had indicated that if the talks are successful, he could reduce the heavy tariff (145%) imposed on China to 80%. He had said on social media that the decision on this depends on “Scott B.” i.e. Finance Minister Scott Bessant.
“We are pleased to report that major progress has been made in trade talks between the United States and China. I thank the Swiss government for providing this excellent platform. This led to very effective and productive talks,” US Treasury Secretary Scott Bessant said in a statement after the talks.
He said the talks included China’s vice-premier and two vice-ministers, US trade representative Ambassador Jamieson Greer and himself. “Ambassador Jamieson and I have briefed President Trump on the entire conversation and he is fully aware,” Besant said.
US Trade Representative Jamieson Greer also described the talks as “very constructive” and said, “The fact that we were able to reach an agreement so quickly means that the differences between the two countries were not as deep as previously thought. However, a lot of preparation and hard work went into these two days of talks.”
Greer also said that the US has a trade deficit of $1.2 trillion with China, which President Trump considered a ‘national emergency’ and imposed tariffs. Now all eyes are on the detailed information coming on Monday, which will reveal what specific conditions have been kept in this trade agreement and how the two countries will move forward.