US and China reach preliminary trade deal after Geneva talks - Trade Treasury Payments

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US and China reach preliminary trade deal after Geneva talks

Trade officials from the United States and China have concluded a preliminary agreement following two days of negotiations in Geneva. Both sides described the agreement as a constructive step toward recalibrating bilateral economic relations. The talks, facilitated by the Swiss government, mark the first material breakthrough since the US implemented steep tariffs against its economic rival.

US Treasury Secretary Scott Bessent described the outcome as “substantial progress,” crediting the neutral setting for helping unlock what had, until recently, appeared to be a deadlock. 

“We will be giving details tomorrow, but I can tell you that the talks were productive. We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson [Greer], and myself,” Bessent said, noting that further details would be released during a scheduled briefing on 12 May.

President Donald Trump had been kept fully informed throughout the talks and endorsed the direction of travel, according to Bessent.

In a post on social media platform Truth Social, the US President said, “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. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!”

While the terms of the agreement have not yet been published, officials on both sides suggested the outcome may include mechanisms to reduce structural imbalances, though neither side confirmed whether tariff reductions or market access provisions are part of the framework.

Ambassador Greer said, “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.”

Although this is not yet a final deal, both governments have signalled interest in further dialogue. Given the scale of the bilateral economic relationship, the stakes remain high, but for now, the tone has shifted.

Analysts expect that tomorrow’s briefing will provide clarity on key issues, including any commitments on enforcement and timelines.

The joint press conference is scheduled for 09:00 CET on 12 May. Stakeholders across policy, industry, and markets will be watching closely.