Top U.S. and Chinese officials concluded two days of intensive trade negotiations in Switzerland on Sunday, with both sides signaling that a significant breakthrough had been achieved—raising hopes of an easing in one of the most consequential economic stand-offs in recent years.
U.S. Treasury Secretary Scott Bessent emerged from the closed-door sessions declaring that “substantial progress” had been made between the world’s two largest economies. “I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent told reporters during a brief statement outside the residence of the Swiss ambassador to the United Nations in Geneva, where the meetings took place. He described the discussions as “productive.”
Though details of the negotiations were not publicly released, the tone from Washington suggests that a preliminary agreement or framework may have been reached, potentially paving the way for a gradual rollback of the steep tariffs that have strained global markets since the start of the year.
The talks were led by Bessent and U.S. Trade Representative Jamieson Greer, who met with Chinese Vice Premier He Lifeng and a delegation of senior trade officials. The meetings mark the highest-level contact between Washington and Beijing since President Donald Trump’s recent escalation in tariffs, which drew swift retaliation from Beijing.
U.S. officials have hinted at a mutual understanding on de-escalation, but have made clear that any tariff relief will be tied to concrete concessions from China on key issues, including market access and industrial subsidies. “These negotiations have been tough but necessary,” a senior administration official told reporters on background, describing the talks as a “reset” in U.S.-China economic relations.
The announcement follows weeks of market turbulence and growing concern among global financial institutions over the trajectory of the trade war. Analysts say any move toward de-escalation could stabilize markets and restore confidence among investors and manufacturers caught in the crossfire.
China has not yet formally commented on the outcome, though state media earlier described the talks as “an important step” toward resolving trade tensions. Observers caution that while the tone has shifted positively, concrete outcomes will depend on the implementation of any agreements reached during the Geneva summit.
Further details are expected to emerge in the coming days as both governments brief stakeholders and lawmakers on the path forward.
