Bessent says 'substantial progress' made in US-China trade talks

US Treasury Secretary Scott Bessent says that the US and China person made "substantial progress" connected de-escalating the commercialized warfare arsenic high-level talks wrapped successful Geneva, Switzerland.

Bessent and China's vice-premier He Lifeng person been engaged successful secretive closed-door discussions each weekend, successful the archetypal gathering since US President Donald Trump levied steep tariffs against successful January.

The treasury caput did not elaborate connected what had been agreed to, but said details would beryllium announced connected Monday and that Trump had been updated.

On Saturday Trump praised the talks for engendering a "total reset" connected the narration betwixt the 2 countries.

In a societal media post, the US president described the talks arsenic being "very good" and said alteration had been "negotiated successful a friendly, but constructive, manner".

"We privation to see, for the bully of some China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!" Trump added.

An escalating commercialized warfare betwixt Washington and Beijing has seen the US president deed Chinese imports to the US with tariffs of 145%. China retaliated with levies of 125% connected immoderate US goods.

On Friday, White House Press Secretary Karoline Leavitt said Washington would not little tariffs unilaterally, and China would request to marque its ain concessions.

Both sides issued assorted different warnings up of the meeting, with Beijing saying the US indispensable easiness tariffs portion Bessent stressed that the absorption was connected "de-escalation" and this was not a "big commercialized deal".

Chinese authorities media reported that Beijing had decided to prosecute with the US aft afloat considering planetary expectations, the country's interests and appeals from American businesses.

Last month, the BBC recovered that Chinese exporters were struggling with the US's tariffs - 1 company, Sorbo Technology, reported that fractional of its products were usually sold to the US and were present sat successful boxes successful a warehouse successful China.

Meanwhile, the US system was recovered to person shrank successful the archetypal 3 months of the twelvemonth - contracting astatine an yearly complaint of 0.3% - arsenic firms raced to get goods into the country.

The commercialized warfare betwixt China and the US intensified past period aft President Trump announced a cosmopolitan baseline tariff connected each imports to the United States, connected what helium called "Liberation Day".

Around 60 trading partners, which the White House described arsenic the "worst offenders", were subjected to higher rates than others. The database included China and the European Union.

Trump said this was payback for years worthy of unfair commercialized policies for the US.

He besides separately announced a 25% import taxation connected each alloy and aluminium coming into the US, and a further 25% tariff connected each cars and car parts.

It was announced past week that the US and UK had agreed a deal, successful which the 25% volition beryllium chopped to 10% for a maximum of 100,000 UK cars - matching the fig of cars the UK exported past year.

Cars are the UK's biggest export to the US, worthy astir £9bn past year.