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Secretary of the Treasury Scott Bessent and US Trade Representative Ambassador Jamieson Greer announced the deal on Sunday, May 11, following face-to-face meetings with Chinese officials in Switzerland.
“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks,” Bessent said, according to the White House.
“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.”
Bessent said more details would be provided during a full briefing scheduled for Monday morning.
He confirmed that both he and Ambassador Greer had spoken directly with President Trump to update him on the developments.
“We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself,” Bessent said. “We will be giving details tomorrow, but I can tell you that the talks were productive.”
Ambassador Greer called the negotiations “very constructive,” highlighting the speed with which the two sides came to terms.
“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,” Greer said. “That being said, there was a lot of groundwork that went into these two days.”
Greer emphasized the stakes, noting the $1.2 trillion trade deficit that prompted the President to declare a national emergency and impose tariffs.
“We’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,” Greer added.
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