Members of the Chinese delegation at the trade talks in Geneva.Credit…Denis Balibouse/Reuters
U.S. said it made ‘progress’ toward a deal with China
Treasury Secretary Scott Bessent said yesterday that the U.S. had made “substantial progress” in talks with China after a weekend of meetings in Geneva, and that more details would be announced today.
Jamieson Greer, the U.S. trade representative who joined Bessent for the talks, suggested that some form of a “deal” addressed U.S. national security concerns about China’s trade practices. He did not say whether the two nations had agreed to drop any of their punishing tariffs.
China’s vice premier for economic policy, He Lifeng, described the talks as “candid, in-depth and constructive” and said that the two countries had reached a deal to establish a “consultation mechanism” to discuss economic and trade issues, according to Chinese state media.
Analysis: “Any reduction in tensions is good news for businesses that depend on trade between the U.S. and China,” said my colleague Ana Swanson, who covers trade for The Times. “But I would be cautious about expecting too much from just two days of meetings.” Other than lower tariffs, a possible outcome tomorrow “may just be more meetings,” she added.
Response: Stocks in Japan and South Korea edged higher in early trading this morning.
A house damaged by Pakistani artillery shelling in the Indian-administered part of Kashmir on Saturday.Credit…Atul Loke for The New York Times