'Substantial progress' made between US, China during Geneva trade talks: US Treasury secretary

The US and China reported "substantial progress" following two days of high-level talks in Geneva, the US Treasury secretary said Sunday, offering a note of optimism toward easing the trade war.

The talks, which began Saturday in the Swiss city, came after weeks of rising strain between the world's two largest economies. US President Donald Trump has raised tariffs on Chinese imports to 145%, prompting Beijing to retaliate with 125% duties on American goods.

US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng represent the two sides.

Bessent, speaking alongside US Trade Representative Jamieson Greer, told reporters that the discussions were "productive" following the end of talks.

"I'm happy to report that we made substantial progress between the United States and China in these very important trade talks," Bessent said, expressing gratitude to the Swiss government for hosting the talks. "I think that led to a great deal of the productivity we've seen."

He added that both he and Greer had briefed Trump on the developments, and that further details would be made public on Monday.

Greer, for his part, said the two sides had managed to come to an agreement more swiftly than expected. "That reflects that perhaps the differences were not so large as maybe thought," he said.

He also reminded reporters of the backdrop to the talks: "The United States has a massive $1.2 trillion trade deficit, so the president declared a national emergency and imposed tariffs. We're confident that the deal we struck with our Chinese partners will help us work toward resolving that."

Greer concluded by emphasizing the spirit of cooperation and mutual respect that defined the two-day negotiations: "It was done in the spirit of shared interest, mutual respect, and we look forward to sharing the details with you tomorrow morning."

Later, China's Vice Premier He also confirmed the two sides made “substantive progress” and reached an “important consensus” on tariffs and trade, Chinese state media reported.

He said the two sides reached an agreement to establish an economic and trade consultation mechanism, and Beijing and Washington have “taken an important step to resolve differences through equal dialogue and consultation.”

The Chinese vice premier said Beijing was "ready to work with the US to manage differences, extend the list of cooperation, and make the pie of cooperation bigger."

He added that China-US economic, trade ties were "mutually beneficial, win-win in nature."