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| Bessent says 'substantial progress' made in US-China trade talks | Bessent says 'substantial progress' made in US-China trade talks |
| (31 minutes later) | |
| Watch: US and China are ready to talk tariffs - who will blink first? | Watch: US and China are ready to talk tariffs - who will blink first? |
| US Treasury Secretary Scott Bessent says that the US and China have made "substantial progress" on de-escalating the trade war as high-level talks wrapped in Geneva, Switzerland. | US Treasury Secretary Scott Bessent says that the US and China have made "substantial progress" on de-escalating the trade war as high-level talks wrapped in Geneva, Switzerland. |
| Bessent and China's vice-premier He Lifeng have been engaged in secretive closed-door discussions all weekend, in the first meeting since US President Donald Trump levied steep tariffs against China in January. | |
| The treasury secretary did not elaborate on what had been agreed to, but said details would be announced on Monday and that Trump had been updated. | The treasury secretary did not elaborate on what had been agreed to, but said details would be announced on Monday and that Trump had been updated. |
| On Saturday Trump praised the talks for engendering a "total reset" on the relationship between the two countries. | On Saturday Trump praised the talks for engendering a "total reset" on the relationship between the two countries. |
| In a social media post, the US president described the talks as being "very good" and said change had been "negotiated in a friendly, but constructive, manner". | In a social media post, the US president described the talks as being "very good" and said change had been "negotiated in a friendly, but constructive, manner". |
| "We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!" Trump added. | "We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!" Trump added. |
| An escalating trade war between Washington and Beijing has seen the US president hit Chinese imports to the US with tariffs of 145%. China retaliated with levies of 125% on some US goods. | An escalating trade war between Washington and Beijing has seen the US president hit Chinese imports to the US with tariffs of 145%. China retaliated with levies of 125% on some US goods. |
| On Friday, White House Press Secretary Karoline Leavitt said Washington would not lower tariffs unilaterally, and China would need to make its own concessions. | On Friday, White House Press Secretary Karoline Leavitt said Washington would not lower tariffs unilaterally, and China would need to make its own concessions. |
| Both sides issued various other warnings ahead of the meeting, with Beijing saying the US must ease tariffs while Bessent stressed that the focus was on "de-escalation" and this was not a "big trade deal". | Both sides issued various other warnings ahead of the meeting, with Beijing saying the US must ease tariffs while Bessent stressed that the focus was on "de-escalation" and this was not a "big trade deal". |
| Chinese state media reported that Beijing had decided to engage with the US after fully considering global expectations, the country's interests and appeals from American businesses. | Chinese state media reported that Beijing had decided to engage with the US after fully considering global expectations, the country's interests and appeals from American businesses. |
| Last month, the BBC found that Chinese exporters were struggling with the US's tariffs - one company, Sorbo Technology, reported that half of its products were normally sold to the US and were now sat in boxes in a warehouse in China. | Last month, the BBC found that Chinese exporters were struggling with the US's tariffs - one company, Sorbo Technology, reported that half of its products were normally sold to the US and were now sat in boxes in a warehouse in China. |
| Meanwhile, the US economy was found to have shrank in the first three months of the year - contracting at an annual rate of 0.3% - as firms raced to get goods into the country. | Meanwhile, the US economy was found to have shrank in the first three months of the year - contracting at an annual rate of 0.3% - as firms raced to get goods into the country. |
| The trade war between China and the US intensified last month after President Trump announced a universal baseline tariff on all imports to the United States, on what he called "Liberation Day". | The trade war between China and the US intensified last month after President Trump announced a universal baseline tariff on all imports to the United States, on what he called "Liberation Day". |
| Around 60 trading partners, which the White House described as the "worst offenders", were subjected to higher rates than others. The list included China and the European Union. | Around 60 trading partners, which the White House described as the "worst offenders", were subjected to higher rates than others. The list included China and the European Union. |
| Trump said this was payback for years worth of unfair trade policies for the US. | Trump said this was payback for years worth of unfair trade policies for the US. |
| He also separately announced a 25% import tax on all steel and aluminium coming into the US, and a further 25% tariff on all cars and car parts. | He also separately announced a 25% import tax on all steel and aluminium coming into the US, and a further 25% tariff on all cars and car parts. |
| It was announced last week that the US and UK had agreed a deal, in which the 25% will be cut to 10% for a maximum of 100,000 UK cars - matching the number of cars the UK exported last year. | It was announced last week that the US and UK had agreed a deal, in which the 25% will be cut to 10% for a maximum of 100,000 UK cars - matching the number of cars the UK exported last year. |
| Cars are the UK's biggest export to the US, worth about £9bn last year. | Cars are the UK's biggest export to the US, worth about £9bn last year. |