US Says 'substantial Progress' In Talks With China

The countries are negotiating in Geneva.

The United States has made "significant progress" on an agreement with China following two days of talks in Geneva, U.S. Treasury Secretary Scot Bessent said. He gave no details, specifying only that details of the deal would be presented on May 12.

U.S. Trade Representative Jamison Greer, who participated in talks with Bessent, Chinese Vice Premier of the State Council He Lifeng and two Chinese deputy ministers, said the agreement would reduce the $1.2 trillion U.S. trade deficit, Reuters reports.

"It's important to understand how quickly we were able to come to an agreement. It suggests that perhaps the differences were not as significant as previously thought," Greer told reporters, adding that "a lot of work has been done in the past two days." His words are quoted by Bloomberg.

The U.S.-China talks represent a significant step toward restoring trade relations between the countries, CNN notes. As the channel recalls, even before the first meeting, American President Donald Trump said that he expects to "make a great deal for America." He also admitted that the US could reduce duties for China to 80%.

At the end of the first day of talks, the American president said that the meeting was held "in a friendly but constructive manner." "We want China to open up to American business for the benefit of both China and the United States," the White House chief of staff said at the time.

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