President Donald Trump shared exciting news on Truth Social about recent trade talks with China, saying there was “great progress” made over the weekend. The discussions took place in Geneva, Switzerland, where U.S. officials, including Treasury Secretary Scott Bessent, met with a Chinese delegation. Trump noted that many topics were covered and some agreements were reached during the lengthy 10-hour meeting.
Despite the positive tone, no major breakthroughs were announced, and negotiations are set to continue. Earlier this year, the U.S. imposed significant tariffs on Chinese goods, with rates reaching as high as 145%. In response, China raised its tariffs on American products to 125%. This ongoing trade battle has been a point of contention, especially as Trump emphasized the need for a fair approach to address the U.S.’s record trade deficit, which was $1.2 trillion in 2024.
Trump expressed a desire for China to open its markets to American businesses, highlighting the mutual benefits that could arise from a more balanced trade relationship. He described the atmosphere of the negotiations as friendly and constructive, indicating a willingness from both sides to reach an agreement.
Bessent pointed out that the tariffs could potentially lead to job losses in China, estimating that up to 10 million jobs could be at risk. This situation makes the current tariffs unsustainable for China, as even a small reduction could still result in significant job losses.
As the discussions progress, Trump remains optimistic about the potential for a deal that benefits both countries. He believes that addressing the trade imbalance is crucial for the future of American manufacturing jobs and the overall economy. The world will be watching closely as these negotiations unfold.