President Donald Trump announced in Truth Social Saturday Night that he has made "tremendous progress" in weekend trade talks with China.
Trump said that at a meeting between U.S. officials in Geneva, Switzerland, including a meeting of Treasury Secretary Scott Bessent and a delegation of Chinese delegates, discussed “many things,” “many things,” and “many people agree.”
According to the Associated Press, no major breakthrough was announced during the discussion that lasted for 10 hours.
U.S. Treasury Secretary Scott Bessent met with Chinese officials on Saturday regarding tariffs in Geneva, Switzerland. (Fabrice Coffrini/AFP via Getty Images)
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The government announced a round of tariffs on April 2, which later imposed a 145% tariff on Chinese goods.
China raised tariffs on U.S. goods to 125% after reducing mutual tariffs in other countries over 90 days to a 10% benchmark.
Members of the Chinese delegation left the scene of a trade dialogue between the Chinese and the U.S. delegations held Saturday in Geneva, Switzerland. (Reuters/Denis Borib Cabin)
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On Thursday, Trump told Chinese White House reporters “very much” wanting to reach a deal to end a fierce tariff battle.
While the president did not provide many details Saturday night, he described the agreement as "a full reset of negotiations in a friendly but constructive way."
"We want to see the interests of China and the United States and open to American business," Trump wrote in the Post. "Great progress has been made!!!"
Finance Minister Scott Bessent is responsible for trade negotiations between the Chinese and U.S. delegations in Geneva, Switzerland. (Reuters/Denis Borib Cabin)
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Trump, a long-time supporter of tariffs, believes that the "fair" duty can address the country's record $1.2 trillion trade deficit and encourage the return of U.S. manufacturing.
In April, tariffs could make China's tariffs unsustainable, Bessent said.
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"Even if the tariffs drop, they could lose 5 million jobs," Bessent told the White House reporter. "Remember, we are a deficit country. The goods they sell to us are sold nearly five times as much as we sell to them. So their responsibility will be on them to remove those tariffs."
Diana Stancy and the Associated Press of Fox News Digital contributed to the report.