US makes 'substantial progress' in China tariff talks, Treasury Secretary Scott Bessent says

Published: Sunday, May 11, 2025 at 5:44 pm

US and China Report "Substantial Progress" in Tariff Talks, Signaling Potential Trade War Easing

Tensions in the ongoing US-China trade war may be easing, according to US officials. Following two days of high-level negotiations in Geneva, US Treasury Secretary Scott Bessent announced "substantial progress" in talks aimed at resolving the trade dispute sparked by President Trump's tariffs. The discussions, held at the Swiss ambassador's residence, saw both sides seeking ways to de-escalate the economic conflict.

While details remain scarce, Bessent and US Trade Representative Jamieson Greer spoke with President Trump, suggesting a coordinated effort. Greer emphasized the US's goal of reducing the trade deficit with China, which reached a record $263 billion last year. The talks come after Trump raised tariffs on Chinese goods to a combined 145%, prompting retaliatory measures from China. These high tariffs have disrupted trade, with last year's trade volume exceeding $660 billion.

China, in a state-run news agency editorial, struck a more cautious tone, emphasizing its commitment to core principles and global equity. However, US officials, including Commerce Secretary Howard Lutnick and White House National Economic Council Director Kevin Hassett, expressed optimism about a potential "reset" of trade relations. Hassett noted China's apparent eagerness to "rebuild a relationship that's great for both of us." The talks mark the first face-to-face meeting to address the issues. Even a small reduction in tariffs could help stabilize world markets, which have been roiled by the trade war.

BNN's Perspective: While any progress towards de-escalation is welcome, the lack of concrete details raises concerns. The rhetoric from both sides suggests a willingness to find common ground, but the underlying issues, including the US trade deficit and China's trade practices, remain complex. A lasting solution will require more than just a superficial agreement; it will need to address the root causes of the trade war.

Keywords: US China trade war, tariffs, trade talks, Scott Bessent, Jamieson Greer, Donald Trump, trade deficit, China tariffs, US tariffs, trade negotiations, Geneva, global economy, trade relations, de-escalation, economic conflict, trade dispute

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