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Trump officials say trade deal reached with China but details remain unclear - USA Today
@Source: usatoday.com
WASHINGTON − Top Trump administration officials said they reached a trade agreement with China after two days of negotiations in Geneva, marking a potentially massive victory for President Donald Trump amid his trade war with Beijing.
The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner that most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.
"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," U.S. Trade Representative Jamieson Greer said from Geneva in brief remarks to reporters. "That being said, there was a lot of groundwork that went into these two days."
The two days of meetings in Switzerland were the first between top leaders of the United States and China since Trump imposed the sweeping tariffs on China, which responded with 125% retaliatory tariffs on U.S. exports.
Heading into the weekend trade negotiations, Trump signaled a willingness to drop U.S. tariffs on China to an 80% rate, though it was not immediately clear if either side agreed to lower tariffs on the other.
"I'm happy to report that we made substantial progress between the United States and China in the very important trade talks," Treasury Secretary Scott Bessent, who led the talks in Geneva, said in a statement. "We will be giving details tomorrow, but I can tell you that the talks were productive."
Bessent said the White House will conduct a "complete briefing" on the morning of May 12 to discuss details of the agreement.
"It was done in the spirit of cooperation, shared interests, mutual respect, and we look forward to sharing the details with you tomorrow morning," Bessent said.
The Chinese government did not immediately issue a statement on the negotiations or confirm whether a deal was struck.
Trump, who was in Washington during the trade negotiations, has not commented on the deal, but in a Truth Social post the previous day, he touted "great progress" from the talks, which he described as "a total reset."
Trump has singled out China, which exported nearly $300 billion more in goods into the U.S. than it imported, as the top offender of a $1.2 trillion U.S. trade deficit he argues has decimated U.S. manufacturing. Trump has defended his tariffs as key to reviving the manufacturing sector.
"We're confident that the deal we struck with our Chinese partners will help us to resolve, work toward resolving that national emergency," Greer said.
A deal with China would continue momentum for the White House after Trump on May 8 announced a trade agreement between the United States and United Kingdom, making it the first deal his administration has reached as his administration negotiates with more than 170 countries on trade and tariff policy.
With the U.S. deal with Britain, the ninth largest U.S. trading partner, Trump kept a 10% baseline tariff on British imports but lowered levies on British automobiles from 25% to 10%, among other concessions. The UK agreed to reduce or eliminate several "non-tariff" trade barriers that have impeded U.S. trade with Britain.
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