WASHINGTON — President Donald Trump has announced “great progress” following the first day of high-level trade talks between the United States and China, calling the negotiations “a total reset” in the relationship between the world’s two largest economies.
On May 10, U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese officials in Geneva for nearly eight hours. This marked the first formal discussion since Trump’s administration imposed a 145% tariff on Chinese imports—a move that triggered China’s retaliatory 125% tariffs on U.S. goods.
Trump, who did not attend the talks in person but followed the developments from his golf club in Virginia, 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!!!”
As negotiations continue on May 11, Trump has signaled a willingness to reduce tariffs on Chinese imports from 145% to 80%. While a significant drop, the rate would still remain far above typical tariff levels and could continue to impact prices for U.S. consumers.
China’s lead negotiator, Vice Premier He Lifeng, had criticized the U.S. tariffs prior to the meeting, calling them “illegal and unreasonable.” He warned that China would not agree to any deal if the U.S. continued what he called “coercive and blackmailing tactics.”
The exact location of the talks was not disclosed, though both delegations were seen at a private United Nations villa overlooking Lake Geneva.
Trade relations with China have been a key focus for President Trump, who argues that Beijing’s trade surplus—estimated at nearly $300 billion—has hurt U.S. manufacturing. Trump has defended the tariffs as a tool to level the playing field and bring jobs back to America.
Earlier this week, Trump announced a new trade agreement with the United Kingdom—the first signed during his current term—and said his administration is working with more than 170 countries to reshape global trade.