White House: The United States announces a trade agreement with China in Geneva

On May 12, the White House announced that the United States had reached a trade agreement with China in Geneva. U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Ambassador Jamieson stated that the negotiations took place in Geneva, Switzerland, lasted for two days, and achieved "substantial progress." The negotiations involved Bessent, Ambassador Jamieson, the Chinese Vice Premier, and two Deputy Ministers. The U.S. is facing a $1.2 trillion trade deficit, and President Trump has declared a national emergency and imposed tariffs. The purpose of the negotiations is to address this "national emergency." Both sides expressed satisfaction with the negotiation outcomes, believing that the differences were not as significant as imagined and that the agreement was reached relatively quickly. Specific details will be announced the following day (May 12), and President Trump has been briefed and will receive a full briefing the next morning. U.S. officials are optimistic about the agreement, believing it will help address the trade deficit issue.