Bessent was speaking alongside U.S. Trade Representative Jamieson Greer after the weekend talks in Switzerland in which both sides had hailed progress on narrowing differences.
The Geneva meetings were the first face-to-face interactions between senior U.S. and Chinese economic officials since Trump returned to power and launched a global tariff blitz, imposing particularly hefty duties on China.
China hit back by putting export curbs on some rare earth elements, vital for U.S. manufacturers of weapons and electronic consumer goods, and raising tariffs on U.S. goods to 125%.
The tariff dispute brought nearly $600 billion in two-way trade to a standstill, disrupting supply chains, sparking fears of stagflation and triggering some layoffs. Financial markets were buoyed by the latest thaw in the trade war and Wall Street stock futures climbed as the talks boosted hopes a global recession might be avoided.
“Obviously, this is very positive news for economies in both countries and for the global economy, and makes investors much less concerned about the damage to global supply chains in the short term,“ Zhang added.
Chinese Vice Premier He Lifeng was less categorical in his declarations but still hailed “substantial progress” following the talks that were held at the gated, private villa of the Swiss ambassador to the United Nations overlooking Lake Geneva.
Read More Details
Finally We wish PressBee provided you with enough information of ( US and China reach deal to slash tariffs, lifting dollar )
Also on site :