The White House announced a trade deal with China, although details remain scarce. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer described the weekend negotiations in Geneva as productive, leading to a significant agreement.
While specifics were not immediately released, officials from both sides expressed optimism. Treasury Secretary Bessent stated he would provide a full briefing the following morning. Chinese officials also spoke positively, mentioning an agreement to establish a consultation mechanism for trade and economic issues.
These negotiations follow a period of heightened trade tensions between the U.S. and China, marked by escalating tariffs. President Trump had previously imposed tariffs on Chinese goods, prompting retaliatory measures from China, creating economic uncertainty globally.
The deal has the potential to alleviate economic concerns stemming from the trade war, providing relief to a global economy impacted by the recent tariff increases. The agreement aims to address a national emergency caused by the trade war.