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The United States and China have reportedly agreed to a resolution on their ongoing trade war, top officials within President Donald Trump's administration announced on Sunday (May 11) via the New York Post.
Details on the reported agreement made in Switzerland this weekend weren't revealed publicly, but officials teased that more information would be shared on Monday (May 12).
“The U.S. has a massive $1.2 trillion trade deficit, so the President declared a national emergency,” US Trade Representative Jamieson Greer said via the New York Post. “We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency.”
Trump imposed tariffs of up to 145% on goods imported from China, which led to China issuing retaliatory tariffs on goods exported from America, prior to officials from both sides meeting in Geneva over the weekend. Trump claimed that "great progress" was made, which included "a total reset negotiated in a friendly, but constructive, manner" during the 10-hour negotiations in a post shared on his Truth Social account.
"A very good meeting today with China, in Switzerland," Trump wrote. "Many things discussed, much agreed to. A total reset 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 previously claimed that the 80% tariffs on Chinese goods "seems right" ahead of scheduled high-level discussions between U.S. and Chinese officials to deescalate the ongoing trade war this weekend.
“China should open up its market to USA — would be so good for them!!! Closed markets don’t work anymore!!!” Trump wrote on his Truth Social account Friday (May 9) morning.
“80% Tariff on China seems right! Up to Scott B,” he wrote in a separate post, referencing Treasury Secretary Scott Bessent who, along with chief trade negotiator Jamieson Greer, was scheduled to meet with Chinese officials in Switzerland this weekend.
Trump's social media posts were shared after sources with knowledge of the situation told the New York Post that the administration was considering slashing the current 145% tariff to as low as 50% on Thursday (May 8). The ongoing trade war between the U.S. and China escalated when the president announced his "Liberation Day" tariffs on international trading partners on April 2, which led to China issuing retaliation tariffs on the U.S.
Trump's sweeping tariffs on international goods have led to the prices on goods around the world rising, though the president claimed "everybody's gonna be fine" in an ABC News interview last week.
"Well, they did sign up for it, actually. And this is what I campaigned on. I said that we've been abused by other countries at levels that nobody's ever seen before … I could've left it that way, and at some point, there would've been an implosion like nobody's ever seen. But I said, 'No, we have to fix it.' I've -- I've wanted to do this for many years," Trump said when asked by ABC News Senior National Correspondent Terry Moran if he was downplaying concern over the tariffs' impact.