Trump hails 'total reset' in China trade talks, but who blinked first?
Washington D.C.: Sensitive negotiations between U.S. and Chinese officials over escalating tariffs concluded after a day of prolonged discussions in Switzerland and are set to resume Sunday, a source briefed on the meetings confirmed to CBS News. The talks, aimed at easing trade tensions between the world’s two largest economies, could help stabilize global markets rattled by the standoff.
President Trump described the discussions as productive, posting on social media that "great progress" was made. "A total reset [was] negotiated in a friendly, but constructive, manner," he said, emphasizing the need for China to open its markets further to American businesses.
However, no immediate details were provided on whether concrete progress was achieved during the more than 10-hour meeting between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.
The closed-door talks, held at Geneva’s luxurious 18th-century Villa Saladin, were shrouded in secrecy, with neither side commenting publicly. Bessent had previously indicated that initial discussions would focus on de-escalation rather than a sweeping trade deal, citing "shared interests" in reducing unsustainable tariffs. U.S. Trade Representative Jamieson Greer also participated in the negotiations.
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The stakes are high, as both nations have imposed staggering tariffs—145% by the U.S. and 125% by China—effectively boycotting each other’s goods and disrupting $660 billion in annual trade. While Trump hinted at possible tariff reductions, Chinese officials have demanded the U.S. first drop its "unilateral" measures.
Experts remain cautious. Sun Yun of the Stimson Center told CBS the talks would yield major breakthroughs but noted even a small mutual reduction in tariffs could send a positive signal. The discussions mark the first high-level dialogue between the two administrations since Trump returned to office, reviving unresolved disputes over China’s tech subsidies and trade practices.
Meanwhile, Bessent also met with Swiss leaders, praising "productive" trade talks. Switzerland, wary of U.S. tariff threats on key exports like watches and chocolate, has avoided retaliatory measures, instead proposing accelerated negotiations.