President Donald Trump announced Saturday that the United States and China had reached a "total reset" in their strained trade relationship following a marathon day of high-level negotiations in Geneva. The talks, led by Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, were held with Chinese Vice Premier He Lifeng and lasted over eight hours without a formal agreement. Discussions are expected to resume Sunday.
"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," Trump posted on Truth Social. "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!!!"
The meetings, hosted at Geneva's historic Villa Saladin, were characterized by confidentiality and a heavy security presence. Convoys of diplomats were seen departing the Swiss ambassador's residence, but no comments were made to reporters. China's state news agency Xinhua described the gathering as "an important step toward resolving the dispute."
No joint statement has been released, and a formal rollback of tariffs-central to the trade conflict-has not been confirmed. Last month, Trump raised tariffs on Chinese imports to a cumulative 145%. China retaliated with a 125% levy on U.S. goods. Trump floated the possibility Friday of lowering the rate to 80%, and Commerce Secretary Howard Lutnick said a potential compromise could bring tariffs to around 34%.
The tit-for-tat tariffs have impacted over $660 billion in bilateral trade and disrupted global supply chains. China remains a major supplier of goods such as electronics and textiles, while relying on U.S. exports of agricultural commodities and energy.
U.S. officials have argued that China engages in unfair trade practices, including forced technology transfers, industrial subsidies, and intellectual property theft. The current talks revisit unresolved issues left behind by the Phase One agreement signed in January 2020, in which China committed to increase purchases of American products-a promise disrupted by the onset of COVID-19.
Sun Yun, director of the China program at the Stimson Center, said that expectations for the Geneva meeting remain measured. "The best scenario is for the two sides to agree to de-escalate on the ... tariffs at the same time," she said. "It cannot just be words."
Trump's pressure campaign on trade extends beyond China. He recently imposed new tariffs on Swiss goods-reduced temporarily from 31% to 10%-but may hike them again. In response, Switzerland's government said it is not planning to impose countermeasures, noting that "an increase in trade tensions is not in Switzerland's interests." Swiss industries, including watches, coffee, and chocolate, are closely watching the developments.
Swiss exports to the U.S., the country's second-largest trading partner, were hit with a 10% tariff Saturday, with a further 21% set to take effect Wednesday. Switzerland had previously abolished all industrial tariffs on Jan. 1, 2024, allowing 99% of U.S. goods to enter duty-free.
