- Tariff talks between the U.S. and China concluded in Switzerland on Sunday, and while details have yet to come out, Trade Representative Jamieson Greer hinted at a deal that has been made with Beijing to help address America’s global deficit. White House officials also expressed optimism that relations will be rebooted.
Concrete details on U.S.-China tariff negotiations remain scarce, but top Trump administration officials indicated Sunday that talks were bearing some fruit.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Treasury Secretary Scott Bessent told reporters, adding that a full briefing with more specifics will come on Monday.
U.S. Trade Representative Jamieson Greer, who also participated in the negotiations with a Chinese delegation led by Vice Premier He Lifeng, suggested some sort of deal was made.
“It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought,” he said, according to a readout from the White House. “That being said, there was a lot of groundwork that went into these two days.”
Greer pointed to America’s global trade deficit in goods, which reached a record high of $1.2 trillion in 2024 across all trading partners, with China accounting for about $295 billion of that last year.
“Just remember why we’re here in the first place—the United States has a massive $1.2 trillion trade deficit, so the president declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,” he added.
Neither official mentioned anything about cutting tariffs.
Vice Premier He also avoided addressing tariffs specifically as he told reporters that the U.S. and China had agreed to establish a trade consultation mechanism, while similarly citing progress in talks with both sides reaching a consensus.
The White House didn’t immediately respond to a request for comment.
Also earlier on Sunday, the White House signaled optimism that relations are headed for a fresh start, potentially de-escalating trade tensions after President Donald Trump hit China with a 145% tariff and Beijing retaliated with a 125% duty.
At such high levels, trade between the world’s two largest economies would come to a near-total halt. While both sides have allowed some tariff exemptions, Bessent previously acknowledged that the current situation is not sustainable.
A comprehensive trade deal wasn’t expected this weekend, but that fact that both sides are even talking was still seen as progress.
“I could say that what’s going to happen in all likelihood is that relationships are going to be rebooted. It looks like the Chinese are very, very eager to play ball and to renormalize things,” National Economic Council Director Kevin Hassett told Fox News‘ Sunday Morning Futures.
He noted that Trump has said “we’re essentially starting over starting from scratch with the Chinese, and they seem to think that they really want to rebuild a relationship that’s great for both of us.”
Hassett’s comments on rebooting relations echo a social media post from Trump on Saturday evening.
“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 on his Truth Social platform. “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!!!”
Hassett also told Fox News that the recent trade deal with Great Britain is a blueprint, adding that Greer and Commerce Secretary Howard Lutnick are working on 24 other trade deals.
He said more agreements could be announced in the next few weeks, perhaps as soon as this coming week.
“There are a whole bunch of things that are very, very close to the finish line,” Hassett said.
This story was originally featured on Fortune.com
