U.S., China Trade Talks Make ‘Substantial Progress,’ Bessent Says

Topline U.S. Treasury Secretary Scott Bessent said the U.S. and China made “substantial progress” in talks to diffuse the trade war between the two countries after President Donald Trump announced tariffs of 145% against China last month, multiple outlets reported Sunday. Treasury Secretary Scott Bessent testifies before the House Committee on Appropriations, ... More Subcommittee on Financial Services and General Government, oversight hearing of the U.S. Department of the Treasury on Capitol Hill in Washington, Tuesday, May 6, 2025. (AP Photo/Jose Luis Magana) Key Facts More details will come Monday, Bessent said after talks concluded in Geneva on Sunday. Bessent said there was “a great deal of productivity” in Sunday’s talks, according to a clip posted by Trump’s rapid response team. Sunday was the second day representatives—Bessent, U.S. Trade Representative Jamieson Greer, Chinese Vice Premier He Lifeng and two Chinese vice ministers—met to discuss trade policies. Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here . What To Watch For More details from the talks. Bessent said Sunday “there will be a complete briefing tomorrow morning.” Big Number 80%. That’s what Trump suggested he could lower tariffs on China to before the meetings took place, saying in a Friday morning Truth Social post: “80% Tariff on China seems right! Up to Scott B.,” likely referring to Bessent. Key Background This weekend was the first meeting between U.S. and Chinese economic officials since the trade war began earlier this year, and Trump suggested ahead of the meetings that U.S. officials would “have a good weekend with China.” China has implemented a 125% tariff rate on U.S. imports, slightly lower than the 145% the Trump administration has imposed on Chinese imports. Last year, the tariff rate on goods coming in from China was about 11%, but Trump upped the rate as part of his “Liberation Day” tariff announcements in which he implemented a base 10% tariff rate on all countries the U.S. trades with, though a much higher rate was imposed on many countries. China was the third-largest exporter to the U.S. last year—with $143.5 billion in exports coming in—but it had a $295 billion trade surplus with the U.S., which was far and away the largest of any trading partners, according to data from the Census Bureau. Further Reading US, China Made ‘Substantial Progress’ in Talks in Geneva (Bloomberg) Trump Floats 80% China Tariffs And ‘Many’ Other Deals—As U.S. And China Prepare For Trade Talks (Forbes) Source: https://www.forbes.com/sites/mollybohannon/2025/05/11/us-and-china-made-substantial-progress-in-tariff-talks-bessent-says/