President Donald Trump announced on Truth Social Saturday night that “great progress” had been made during weekend trade negotiations with China.
During the meeting in Geneva, Switzerland, between U.S. officials, including Treasury Secretary Scott Bessent, and a Chinese delegation, “many things” were discussed and “much [was] agreed to,” Trump said.
No major breakthrough was announced in discussions that lasted over 10 hours, The Associated Press reported, and negotiations are scheduled to continue Sunday.
The administration announced a round of tariffs April 2 and later imposed a 145% tariff on Chinese goods.
After reducing reciprocal tariffs on other countries for 90 days to a baseline of 10%, China raised tariffs on U.S. goods to 125%.
On Thursday, Trump told reporters at the White House China “very much” wanted to make a deal, ending the intense tariff battle.
While the president did not provide many specifics Saturday night, he described the agreement as “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,” Trump wrote in the post. “GREAT PROGRESS MADE!!!”
A longtime supporter of tariffs, Trump argued that “fair” duties could address the nation’s record $1.2 trillion trade deficit from 2024 and encourage the return of U.S. manufacturing jobs.
Bessent said in April the tariffs could cost China up to 10 million jobs, making Chinese tariffs unsustainable.
“Even if there is a drop in the tariffs, they could lose 5 million jobs,” Bessent told White House reporters.
“Remember that we are the deficit country. They sell almost five times more goods to us than we sell to them. So, the onus will be on them to take off these tariffs.”
Fox News Digital’s Diana Stancy and The Associated Press contributed to this report.
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