Bessent reports 'substantial progress' in trade talks with China

China's He says agreement reached on 'consultation mechanism'

U.S. Secretary of the Treasury Scott Bessent, left, and U.S. Trade Representative Jamieson Greer speak to the press after the second day of bilateral trade talks with China in Geneva. © AP

RYOHEI YASOSHIMA

May 12, 2025 01:36 JST

Updated on May 12, 2025 05:11 JST

WASHINGTON -- U.S. Treasury Secretary Scott Bessent on Sunday reported "substantial progress" in trade talks with China held over the weekend in Geneva as the world's two largest economies worked to de-escalate their trade war.

The high-stakes negotiations concluded in the afternoon local time. The U.S. and China are expected to announce details through a joint statement on Monday.