Senior U.S. officials highlight 'significant progress' and a potential 'agreement' following trade negotiations with China.

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer address the media following the second day of bilateral talks between the United States and China in Geneva, Switzerland, on Sunday, May 11, 2025.

Top U.S. officials who participated in two days of high-level trade negotiations with China reported “substantial progress,” suggesting that a trade agreement may have been reached—an outcome that could have major global economic implications.

“I’m pleased to announce that the United States and China have made significant headway in these crucial trade discussions,” Treasury Secretary Scott Bessent stated briefly on Sunday in Geneva, Switzerland, where the talks took place. He described the negotiations as “productive.”

U.S. Trade Representative Jamieson Greer also hinted at the completion of an agreement, which follows President Donald Trump’s recent imposition of broad 145% tariffs on most Chinese imports.

“The president declared a national emergency and imposed tariffs. We believe the agreement we reached with our Chinese counterparts will help us move toward resolving that crisis,” Greer explained.

He further noted, “It’s remarkable how quickly we were able to finalize this deal, which may indicate the differences weren’t as great as previously believed.”

While CNN has requested more details from the Treasury Department, Bessent said specifics would be made public Monday morning. Prior to the negotiations, Trump administration officials had downplayed the likelihood of a deal, framing the meetings instead as an initial step. Bessent had earlier expressed a desire to reduce tensions, as U.S.-China relations had been stalled since the tariff policy was enacted.

Greer praised the Chinese delegation as “tough negotiators” who “worked very hard,” adding that the talks over the past two days were “highly constructive.”

Bessent confirmed that both he and Greer had updated President Trump, describing the president as “fully informed.”

Before the talks began, Trump suggested via social media that he might be open to reducing the tariff rate on Chinese goods to 80%, leaving the final decision to “Scott B.” The White House later emphasized that any tariff reduction would depend on concessions from China.

This weekend’s discussions represent a major move toward improving U.S.-China trade relations.