US announces trade deal with China – will tariffs finally come down?

In a press statement issued on Sunday (May 11 2025), the White House announced that after two days of high level negotiations in Geneva, the United States had reached a tentative trading agreement with China.

Officials did not provide any concrete details and left questions about what was agreed.

US-China trade deal: Significant progress but no specifics

US Treasury Secretary Scott Bessent who led the discussions alongside US Trade Representative Jamieson Grer described the meetings with Greer as “productive”. A full briefing will take place on May 12th.

Bessent, a reporter at the time, said that “we’ve made substantial advances between the United States of America and China in very important trade negotiations.” USA Today.
“It was done with a spirit for cooperation, shared interest, and mutual respect,” said the minister, without elaborating.

The statement came after a one-month standoff between two of the largest economies in the world, following tariffs that were higher than 100 per cent for each country. White House described it as a “China Trade Deal”, but Bessent and Greer did not confirm that an official deal had been made.

Trump promotes a “reset”.

US President Donald Trump imposed massive 145 percent tariffs last month on Chinese goods after declaring an “emergency” because of the US trade surplus. China responded by imposing a retaliatory tax of 125 percent.

In a post on his Truth Social platform on Saturday night (May 10), Trump said the talks had led to “a total reset… in a friendly, but constructive, manner.”

Trump wrote, “Many issues discussed, many agreed upon.” “We would like to see China open up to American business for both the U.S.A. and China’s benefit.” GREAT PROGRESS !!!”

As of Sunday night, the Chinese government had not yet commented, and it is unclear if any tariff reductions have been agreed.

Greer stated at the Geneva press conference that the speedy agreement indicates the differences may not have as significant as first thought.

Greer, as quoted by The Guardian. “Just remember why we’re here… the president declared a national emergency, and we’re confident that the deal we struck with our Chinese partners will help us work toward resolving that.”

Commerce Secretary Howard Lutnick has confirmed that CNN The 10 percent baseline tariff on all imports will remain, even those coming from countries that have signed new trade agreements.

Lutnick stated that “prices will remain stable after this policy has been implemented.” He dismissed worries about American jobs being lost, saying, “This is only a China problem at the moment.”

The China announcement comes after a US-UK Trade Agreement made public by the US on Thursday, 8 May.

What’s your take – has real progress been made between the US and China, or is this just all political bravado?

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