The first day of talks to end the trade war between the United States and China wrapped up with a marathon eight-hour session in Geneva.
The talks are set to continue on Sunday, according to people familiar with the talks.
The US delegation was led by Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, while the Chinese side was represented by President Xi Jinping’s close aides. It was reported that China’s economic chief He Lifeng and public security minister Wang Xiaohong were also included in the delegation.
The talks, which began at around 10 a.m. local time on Saturday, ended without an agreement being announced. While some officials left the meeting early, Bessent and Greer continued the talks for at least another hour, continuing negotiations with the remaining Chinese officials. The U.S. and Chinese sides are expected to have dinner together at the meeting venue.
The meetings took place at the residence of the Swiss Ambassador to the United Nations in Geneva. The delegations attending the meeting, where heavy security measures were taken, were brought to the venue in vehicles with black windows. Numerous security personnel, primarily from the US Secret Service, were deployed in the area.
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China’s official Xinhua news agency described Saturday’s meetings as “an important step towards resolving the conflict between the two major powers.” The White House has yet to make an official statement.
US President Donald Trump recently increased the tariffs imposed on China to 145%. Beijing has imposed retaliatory tariffs of 125% on American products. However, Trump has stated in recent days that the tariffs cannot increase any further than this level, and therefore a downward trend may begin. On Friday, he signaled that he could reduce the tariffs to 80%. That same night, Commerce Secretary Howard Lutnick told Fox News that President Trump would largely maintain the “reciprocal” tariffs on China, but that the rate could drop to 34%.
Trump’s public announcement of his 80% offer could be a message from Bessent to the Chinese delegation to move closer to a deal, officials said. Whether any tangible progress can be made on the second day of talks is eagerly awaited.
*This is not investment advice.