Geneva [Switzerland], May 12 (ANI): US on Sunday announced a trade deal with China in Geneva, a statement by the White House said.

Secretary of the Treasury Scott Bessent said that there was substantial progress between the parties.

https://x.com/WhiteHouse/status/1921623939060519353

'I'm happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we've seen. We will be giving details tomorrow, but I can tell you that the talks were productive,' the statement quoted Bessent as saying.

'We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning,' the statement added.

US Trade Representative Ambassador Jamieson Greer said that the parties came to a conclusion very quickly.

'This was, as the Secretary pointed out, a very constructive two days. 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,' he said.

Greer hoped that the deal would help the US deal with a trade deficit of USD 1.2 trillion.

'That being said, there was a lot of groundwork that went into these two days. Just remember why we're here in the first place -- the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,' the statement read.

US President Donald Trump indicated that he is open to significantly reducing the United States' existing 145 per cent tariff on Chinese goods.

Trump said that an 80 per cent tariff on China 'seems right,' adding that Treasury Secretary Scott Bessent would make the final decision. (ANI)