US Treasury Secretary Scott Bessent strikes a trade deal with China
The post US Treasury Secretary Scott Bessent strikes a trade deal with China appeared on BitcoinEthereumNews.com. Scott Bessent, the US Treasury Secretary, finished a two-day negotiation marathon with Chinese Vice Premier He Lifeng in Geneva on Sunday, landing what he called “substantial progress” in a deal meant to tone down the aggressive trade war between the two countries. The negotiations involved top economic officials from both sides and wrapped with no press questions taken and no public deal terms—yet. Bessent told reporters that full details will drop Monday. He said President Donald Trump had been briefed throughout and was “fully aware” of the agreement reached. The discussions included US Trade Representative Jamieson Greer, who sat with Bessent and He alongside two unnamed Chinese vice ministers. Greer described the outcome as “a deal we struck with our Chinese partners,” claiming it would help reduce the $1.2 trillion US global goods trade deficit. He said both sides got through the key sticking points faster than expected. “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 maybe thought,” Greer added. He also said the Chinese team were “tough negotiators.” White House and Commerce back the direction The meeting in Geneva was the first time Bessent, Greer, and He had met in person since Washington and Beijing hit each other with tariffs over 100%. The deal marks a possible shift in that tariff war, though Bessent did not confirm any actual changes to the current rates. He did repeat his earlier stance that the tariffs were too high and needed to come down, but avoided giving direct answers about what got agreed. Kevin Hassett, White House economic adviser, said on Fox News that the Chinese were “very, very eager” to hold the talks and fix their trade relationship with the United States. Hassett also said…
The post US Treasury Secretary Scott Bessent strikes a trade deal with China appeared on BitcoinEthereumNews.com.
Scott Bessent, the US Treasury Secretary, finished a two-day negotiation marathon with Chinese Vice Premier He Lifeng in Geneva on Sunday, landing what he called “substantial progress” in a deal meant to tone down the aggressive trade war between the two countries. The negotiations involved top economic officials from both sides and wrapped with no press questions taken and no public deal terms—yet. Bessent told reporters that full details will drop Monday. He said President Donald Trump had been briefed throughout and was “fully aware” of the agreement reached. The discussions included US Trade Representative Jamieson Greer, who sat with Bessent and He alongside two unnamed Chinese vice ministers. Greer described the outcome as “a deal we struck with our Chinese partners,” claiming it would help reduce the $1.2 trillion US global goods trade deficit. He said both sides got through the key sticking points faster than expected. “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 maybe thought,” Greer added. He also said the Chinese team were “tough negotiators.” White House and Commerce back the direction The meeting in Geneva was the first time Bessent, Greer, and He had met in person since Washington and Beijing hit each other with tariffs over 100%. The deal marks a possible shift in that tariff war, though Bessent did not confirm any actual changes to the current rates. He did repeat his earlier stance that the tariffs were too high and needed to come down, but avoided giving direct answers about what got agreed. Kevin Hassett, White House economic adviser, said on Fox News that the Chinese were “very, very eager” to hold the talks and fix their trade relationship with the United States. Hassett also said…
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