US touts 'substantial progress' in tariff talks with China, but details are still scarce

The lead U.S. negotiator in trade talks with China cheered "a great deal of productivity" in resolving differences between the world's two leading economic powers, after officials wrapped two days of bargaining in Switzerland following President Donald Trump imposing steep tariffs and Beijing retaliating.

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U.S. Treasury Secretary Scott Bessent said Sunday there was "substantial progress" in the weekend sessions but offered scant information on exactly what negotiations entailed. He said more details would come at a briefing Monday.

U.S. Trade Representative Jamieson Greer suggested that an agreement had been reached but provided no details. He and Bessent briefly addressed reporters once talks had wrapped at the stately villa that serves as the residence of the Swiss ambassador to the United Nations in Geneva, but did not take questions.

"It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought," Greer said. But he also stressed that a top Trump priority means closing the U.S. trade deficit with China, which came to a record $263 billion last year.

"We're confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency," Greer said.

The White House subsequently issued a statement titled, "U.S. Announces China Trade Deal in Geneva" but offering only the same quotes by Bessent and Greer.