The United States has reached a preliminary trade deal with China after the two countries met for negotiations in Switzerland over the weekend, the Trump administration announced. The news follows Treasury Secretary Scott Bessent and U.

Treasury Secretary Scott Bessent said on Sunday that the Trump administration has made progress in its trade negotiations with China. "We will be giving details tomorrow. "But I can tell you that the talks were productive," Bessent told members of the ...

On Saturday, senior officials from Washington and Beijing concluded the first day of trade talks in Geneva, Switzerland. The president has been embroiled in a tense trade war since he raised U.S. tariffs on China to a combined 145 percent earlier this year, which prompted Beijing to retaliate with a 125-percent levy on American imports.

President Trump said late Saturday that U.S. and Chinese officials had negotiated a "total reset" in their trade relationship during talks in Switzerland. Why it matters: An actual reset — with sharply lower tariffs or none at all — would be the relief businesses and investors have been praying for from a trade war that has already significantly damaged the economy.

The president said reducing tariffs to 80 percent from the current 145 percent “sounds right,” as U.S. and Chinese negotiators prepare to meet in Switzerland.

Following trade talks in Geneva, the US and China agreed to pause reciprocal tariffs for 90 days. President Trump called it a “total reset”, noting improved relations and ongoing discussions to address long-term trade concerns.

French finance minister Eric Lombard said on Thursday that talks with Chinese Vice Premier He Lifeng did not yield a solution to a trade dispute with China involving Cognac, though he added that the door remained open for further discussions.

Silicon Valley will face strong headwinds in the months ahead — this week's pause in President Trump's tariff war with China notwithstanding.