Treasury Sec Bessent Hails ‘Productive’ U.S.-China Trade Talks

Treasury secretary cites progress and promises more details Monday; Beijing says the two sides agreed to start a formal negotiation process

By Brian Schwartz and Lingling Wei

Updated May 11, 2025 4:19 pm ET

Treasury Secretary Scott Bessent, left, and U.S. Trade Representative Jamieson Greer were in Geneva for trade talks with China. PHOTO: VALENTIN FLAURAUD/AGENCE FRANCE-PRESSE/GETTY IMAGES

Key Points

U.S. and China concluded high-level trade discussions in Geneva that U.S. officials said were ‘productive’.

Beijing said both sides will establish an ‘economic and trade consultation mechanism’ for recurring discussions.

Trump wants fairer trade with Beijing and to curb China’s role in fentanyl trafficking into the U.S.

GENEVA—Officials from the U.S. and China wrapped up their weekend, high-stakes trade talks, with Beijing saying the two sides agreed to start a formal negotiation process and Washington touting progress toward a deal.

The talks spanned at least eight hours Saturday and several hours Sunday, setting the stage for a potential thawing of trade relations between the world’s two largest economies. Since starting his second term, Trump has slapped 145% tariffs on Chinese goods while Beijing has hit back with 125% duties on American products. That has led bilateral trade to nearly dry up, heightening inflationary pressure in the U.S. and threatening to plunge China into a deep recession.