- News. Thylane Blondeau, the most beautiful girl in the world from the age of six to the present day: this is what she looks like today
- News. "Massive sanctions" on Putin if he does not accept 30-day truce from Monday
The United States and China have reached an agreement to help resolve the trade war being waged between the world's two largest economies, senior Trump istration officials announced Sunday, The Post reported.
The details of the deal, reached during negotiations in Switzerland over the weekend, were not disclosed, but officials said more information will be shared on Monday.
"The United States has an enormous trade deficit of $1.2 trillion, so the president declared a national emergency," said US Trade Representative Jamieson Greer. "We are confident that the agreement reached with our Chinese partners will help us resolve this national emergency."
President Trump imposed tariffs of up to 145% on products from China, while the Asian country applied retaliatory tariffs on US exports.
The meeting between the United States and China was held in Geneva
Greer ed Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in talks in Geneva over the weekend to address the three-digit tariff.
"I can assure you the conversations were productive," Bessent joked.
The announcement comes after the Trump istration last week unveiled a framework for a trade deal with the UK.
China is the third most important trading partner of the United States and has long angered Trump for its practices, which include the export of lethal fentanyl, currency manipulation, intellectual property theft, forced technology transfers and more.
According to some estimates, China's annual theft of intellectual property from the United States ranges from $225 billion to $600 billion.
Last year, the United States had a trade deficit of $295.4 billion with China, one of Trump's main concerns.
During his second term, Trump imposed a 20% tariff on China, seeking concessions in the fentanyl crisis.
Then, on "Liberation Day", Trump announced so-called "reciprocal" tariffs against Beijing, prompting a swift response.
Despite the wide differences, Trump istration officials claim to have made notable progress with China in just two days.
"It's important to understand how quickly we managed to reach an agreement, which reflects that perhaps the differences were not as great as was thought," Greer added. "A great deal of preliminary work was done during these two days."
On Saturday, Trump boasted of the "great progress made" in deliberations with China.
The president's team is working frantically to reach lightning deals with a large number of countries after setting a deadline of July 8, which was set by Trump to reach an agreement.
Otherwise, it will face the higher, customized "Liberation Day" tariffs it announced last month.