White House announces US-China trade deal

Photo caption — View outside the White House in Washington DC,. Photo: THX/TTXVN

According to CNBC, Mr. Bessent said he would provide more details in a full press conference on Monday morning (May 12).

Treasury Secretary Bessent also said President Donald Trump was “fully informed” of the discussions.

The White House on Sunday (May 11) announced a “trade deal” with China, but provided no specifics, after Trump administration officials spent the weekend negotiating with the Chinese side.

While the details of the deal remain unclear, any de-escalation in the ongoing trade war could provide much-needed relief to a global economy that has been reeling since President Donald Trump announced the tariffs on April 2.

Finance Minister Scott Bessent said on Sunday (May 11) that trade talks held in Geneva over the weekend were “productive”.

He said the talks had been “very productive” and he would provide more details at a press conference on Monday morning (May 12).

The US Treasury Secretary also said that he and US Trade Representative Jamieson Greer both spoke with President Donald Trump on Saturday night (May 10) and that “he (Trump) was fully informed” about the discussions.

Mr. Greer said on Sunday (May 11) that officials had reached some form of “agreement,” but did not provide specifics. The U.S. Trade Representative praised the discussions as “very constructive.”

“It's important to understand that we were able to come to an agreement very quickly, which suggests that perhaps the differences are not as big as many people think,” said Mr. Greer.

“We are confident that the agreement we have reached with our Chinese counterparts will help us move forward to address that national emergency,” the US Trade Representative added.

Chinese officials attending the meeting also expressed positive views.

Chinese Vice Premier He Lifeng said the meeting “made significant progress and reached important consensuses.”

“The two sides agreed to establish a consultation mechanism on economic and trade issues,” the Chinese vice premier said.

China International Trade Representative Li Chenggang said a statement would be released soon with more details about the talks, but did not say when that statement would be released.

“As we say in China, if the food is good, time is no object,” Mr. Li said, adding: “I think no matter when this announcement is made, it will be big news. Good news for the world .”

The key talks taking place in Switzerland this weekend come amid global economic uncertainty due to the US-China trade war.

The two countries have been engaged in a tit-for-tat tariff war in recent weeks since Mr Trump announced a 145% tariff on Chinese goods. In response, China raised tariffs on US goods to 125%.

The impasse has rocked financial markets and raised concerns about shortages and rising prices for consumers.

Mr Trump praised the first day of the discussions, writing on Truth Social on Saturday (May 10) that US officials had a “very good meeting with China”.

“Many issues were discussed, many things were agreed upon,” “A comprehensive reset was negotiated in a friendly but constructive manner,” Trump wrote.

Treasury Secretary Bessent said he and Trade Representative Greer met with the Chinese vice premier and two other deputy ministers, whom the Treasury secretary called “key players” in the discussions.

Source: https://doanhnghiepvn.vn/quoc-te/nha-trang-cong-bo-thoa-thuan-thuong-mai-my-trung/20250512084446090