TechFlow, the U.S. White House announced that the United States has reached a trade agreement with China in Geneva. U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Ambassador Jamieson stated that the talks, held in Geneva, Switzerland, lasted two days and achieved "substantial progress." The negotiations were attended by Bessent, Ambassador Jamieson, and China's Vice Premier along with two deputy ministers.
The United States faces a $1.2 trillion trade deficit, and President Trump has declared a national emergency and imposed tariffs. The outcome of the negotiations will help resolve this "national emergency."
Both sides expressed satisfaction with the results, noting that differences were smaller than expected and the agreement was reached quickly. Specific details will be released the following day (May 12), and President Trump has been briefed and will receive a full briefing the next morning. U.S. officials are optimistic about the agreement, believing it will help address the trade deficit issue.
