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U.S. Treasury Secretary Scott Bessent (left) and U.S. Trade Representative Jamieson Greer speak about the outcome of U.S.-China trade negotiations at the residence of the Swiss ambassador to the United Nations in Geneva, Switzerland, on April 11. / Source: AFP·Yonhap News

The United States and China announced on April 11 that they had made “substantial” progress in their trade negotiations held in Geneva and plan to release a detailed joint statement on April 12.

U.S. Treasury Secretary Scott Bessent told reporters following the two-day talks at the residence of the Swiss ambassador to the United Nations, “We’ve made substantial progress,” adding that more specific details would be disclosed on Monday.

According to Reuters and other outlets, U.S. Trade Representative Jamieson Greer described the outcome as “a deal with our Chinese partners” that will help reduce the U.S. trade deficit, which currently stands at $1.2 trillion.

The remarks suggest that China has made concessions aimed at narrowing the trade gap. In 2024 alone, the U.S. goods trade deficit with China amounted to $295 billion.

Under the Trump administration in January 2020, the two countries signed a Phase One trade deal in which China pledged to purchase an additional $200 billion worth of U.S. goods and services over two years, focused on manufacturing, energy, agriculture, and services. However, implementation faltered with the transition to the Biden administration.

Greer noted that considerable groundwork was laid prior to the Geneva talks and emphasized that the agreement with China could address the national emergency declared by President Trump over the widening U.S. trade deficit.

“As Secretary Bessent pointed out, it was a very constructive two days,” Greer said. “It’s important to understand how quickly we reached consensus—perhaps a sign that the gap between the U.S. and China isn’t as wide as many assumed.”