The United States Secretary of the Treasury, Scott Besent, testifies to a hearing of the Chamber of Financial Services Committee entitled “The annual testimony of the Treasury Secretary on the state of the International Financial System”, in Capitol Hill in Washington, on May 7, 2025.
Nathan Howard | Reuters
The White House announced on Sunday a “commercial agreement” with China without providing details, after Trump administration officials over the weekend negotiate with their Chinese counterparts.
While the details of the agreement are not yet clear, any descales in the current commercial war could generate a very necessary relief to a global economy that has been taken since the announcement of rates of April 2 of President Donald Trump.
The secretary of the Treasury, Scott Besent, said on Sunday that the commercial conversations that took place in Geneva during the weekend were “productive.”
He said that the conversations produced “great” productivity and that would give more details in a complete information session on Monday morning.
Besent also said that he and the United States commercial representative, Jamieson Greer, spoke with President Donald Trump on Saturday night and “is completely informed” about discussions.
Greer said during Sunday’s comments that officials reached some form of “agreement”, but did not provide any details. Hello, he praised discussions as “very constructive.”
“It is important to understand how fast we could reach an agreement, which reflects that perhaps the differences were not as great as perhaps it was thought,” Greer said.
“We are sure that the agreement that we reach our Chinese partners will help us work to resolve that national emergency,” he added.
Chinese officials who participated in the meetings also spoke positively.
The vice president of the People’s Republic of China, He Lifeng, said the meeting “achieved substantial progress and reached an important consensus.”
“The two parties agreed to establish a consultation mechanism for commercial and economic problems,” Lifeng said.
China’s International Trade Representative, Li Chenggang, suggested that a statement would soon arrive with more details about the negotiations, but did not say when the declaration would be published.
“As we say in China, if the dishes are delicious, then time is not an issue,” said Chengang.
“I think it doesn’t matter when this statement is published, it will be great news. Good news for the world.”
High risk negotiations in Switzerland this weekend arrive in the midst of a general mood of uncertainty of the United States and China’s commercial war.
The two nations have dedicated themselves to a TIT rate for the week since Trump announced 145% tariffs in Beijing. In response, China raised its taxes on US goods to 125%.
The confrontation has traveled the financial markets and has caused Conerns of FEER assets and the increase in prices for consumers.
Trump praised the first day of discussions, writing that US officials had a “very good meeting today with China” in a social post on Saturday.
“Many things discussed, very agreed,” Trump wrote. “A total restart negotiated in a friendly but constructive way.”
Besent said he and Greer with the Vice Prime Minister of China, in addition to two vice ministers, whom the Treasury Secretary called “Integally involved” in the discussions.
