Substantial Progress in US-China Trade Negotiations in Geneva, Says US Treasury Secretary Scott Besed

US Treasury Secretary Scott Besed announced on Sunday (11.05.2025) that there has been ‘substantial progress’ in talks between the American delegation and China’s Vice Premier, He Lifen, in Geneva to end the trade war between the world’s two largest economies. Besed stated that he will provide more details on Monday (12.05.2025). The US special envoy for trade issues, James Griar, who participated in the negotiations with China, said that the differences between the two sides were not ‘as large as we previously thought.’ ‘I am pleased to report that we have made substantial progress between the United States and China in these critical trade negotiations,’ Besed told reporters. The Secretary also mentioned that he informed President Donald Trump about the progress of the negotiations and that a full update on the details will be provided on Monday. During the two-day talks, both sides discussed ways to de-escalate a trade war that threatens the global economy.