President Donald Trump claimed that there has been a “total reset” in the trade relationship between the U.S. and China, following intense discussions over tariffs that had escalated into a trade war between the two largest economies in the world.
This comes after high-stakes talks were held this weekend, with both sides at loggerheads for weeks over the aggressive tariffs imposed by the U.S.
Trump’s Claims About the Meeting
On Saturday evening, Trump posted on Truth Social:
“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!”
While no official details of the negotiations have been released by either country, China’s state-run news agency Xinhua described the meetings as “an important step toward resolving the dispute.”
U.S. Officials Meet Chinese Counterparts
The U.S. delegation, which included Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, met with their Chinese counterparts in Geneva in an attempt to find common ground. The talks lasted over eight hours on Saturday, according to the Wall Street Journal, but no deal was finalized. Discussions are set to resume on Sunday.
Impact of the Trade War
Trump had previously imposed tariffs of 145 percent on Chinese goods, while China retaliated with 125 percent tariffs on U.S. products. These tariffs have had a massive impact on both economies. China is a major supplier of electronics, toys, textiles, and furniture to the U.S., while it buys grains, oilseeds, and oil and gas from American farmers.
Potential Tariff Reductions
In recent days, President Trump has hinted that he could consider lowering the tariffs to ease tensions between the two nations. On Friday, he suggested reducing tariffs to 80 percent.
Commerce Secretary Howard Lutnick also mentioned that Trump might even settle on 34 percent tariffs, the same rate he proposed in an earlier announcement on April 2 during an interview with Fox News.