The White House announced a trade agreement with China on Sunday, May 11, but said details about the deal won’t be shared until Monday, May 12. “We will be giving details tomorrow, but I can tell you that the talks were productive,” Treasury Secretary Scott Bessent said in a statement.
U.S. Trade Representative Jamieson Greer added, “It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. That being said, there was a lot of groundwork that went into these two days.”
There was no statement from China. However, the state-run Xinhua News Agency on Saturday, May 10, stressed the importance of the meetings, writing, “A stable and constructive China-U.S. relationship serves the interests of both nations and the world at large. It is through sustained dialogue, responsible management of differences and deeper win-win cooperation between the world’s two largest economies that the global economy can gain the confidence and momentum it urgently needs.”
President Donald Trump posted on social media Saturday, saying great progress had been made. “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,” he wrote, without offering details. “We want to see, for the good of both China and the U.S., an opening up of China to American business.”
Economic impact
Nearly $600 billion in annual bilateral trade has been held up since Washington and Beijing began escalating their tariffs.
Swiss Economy Minister Guy Parmelin met both parties in Geneva on Friday, May 9, noting that the mere occurrence of the talks was already a success. Parmelin’s statement highlighted the importance of dialogue in international trade matters, emphasizing that even preliminary discussions can pave the way for substantial agreements.
On Friday, Trump proposed an “80% Tariff on China” in a Truth Social post, as opposed to the 145% tariff that had been levied against the country. He did not specify whether the 80% figure represented a goal or an opening negotiating stance. Trump’s call for a significant tariff was part of his broader strategy to address trade imbalances and protect domestic industries.
In a separate social media post, Trump also urged China to “open up its market,” advocating for increased access for American goods and services.
The president has postponed extensive tariffs on numerous countries for 90 days to allow for similar negotiations while maintaining a blanket 10% baseline tariff. This temporary delay is intended to create a window for diplomatic engagement and to explore mutually beneficial trade arrangements.
The decision to retain the 10% baseline tariff, however, ensures continued protection for certain domestic industries while broader negotiations take place. Trump’s dual approach of adjusting tariffs and actively negotiating with countries reflects a trade policy aimed at balancing domestic economic interests with international trade dynamics.
