Mon May 12 07:10:00 UTC 2025: ## US and China Reach “Important Consensus” in High-Level Trade Talks

**Geneva, Switzerland** – High-level trade talks between the United States and China concluded in Geneva on Sunday, May 11th, resulting in a significant breakthrough. Both sides confirmed reaching an “important consensus” and will release a joint statement on Monday detailing the agreements reached.

US Treasury Secretary Scott Bessent described the weekend meetings as making “substantial progress,” while Chinese Vice Premier He Lifeng highlighted the establishment of a new bilateral economic dialogue mechanism. He lauded the talks as “candid, in-depth, and constructive,” marking a crucial step towards resolving differences through dialogue. Chinese trade negotiator Li Chenggang expressed optimism, stating that the upcoming joint statement would be “good news for the world.” US Trade Representative Jamieson Greer also confirmed an agreement had been reached, emphasizing the speed at which consensus was found as a positive indicator.

Despite the positive statements, US Trade Representative Greer reiterated the Trump administration’s priority of reducing the US trade deficit with China, which reached a record $263 billion in 2022. President Trump had previously announced tariffs as high as 145% on Chinese goods, later suggesting a reduction to 80%. In a post on Truth Social on Saturday, Trump hailed the meeting as “very good,” noting significant progress and a commitment to reopening communication channels.

While both sides remained tight-lipped on specifics, the inclusion of Chinese Public Security Minister Wang Xiaohong in the delegation signaled the importance of addressing the fentanyl crisis in the negotiations. Experts suggest that the talks might stabilize global markets currently impacted by the ongoing trade tensions, although some analysts remain cautious, suggesting the agreement may only establish a framework for future negotiations rather than resolving substantive issues. The joint statement, expected Monday, will offer further clarity on the agreements reached.

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