White House: The United States announces a trade agreement with China in Geneva.

On May 12, the White House announced that the United States had reached a trade agreement with China in Geneva. U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Ambassador Jamieson stated that the negotiations took place in Geneva, Switzerland, lasted for two days, and achieved “substantial progress.” The negotiations involved Bessent, Ambassador Jamieson, the Chinese Vice Premier, and two Vice Ministers. The U.S. is facing a $1.2 trillion trade deficit, and President Trump has declared a national emergency and imposed tariffs. The aim of the negotiations is to address this “national emergency.” Both sides expressed satisfaction with the negotiation results, believing the differences were not as significant as expected, and the agreement was reached quickly. Specific details will be announced the following day (May 12), and President Trump has been informed and will receive a comprehensive briefing the next morning. U.S. officials are optimistic about the agreement, believing it will help resolve the trade deficit issue.