Donald Trump touts ‘great progress’ in secretive US-China trade talks, hints at 'total reset'

US President Donald Trump hailed a “very good meeting” with Chinese officials in Geneva, claiming “great progress” toward a “total reset” in US-China relations.

In a Truth Social post, Trump said the Saturday talks, which he described as “friendly, but constructive,” addressed “many things” and secured “much agreed to.”

“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!!!” he wrote.

The 10-hour meeting was attended by US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng.

The meeting, the first such aimed at defusing a trade war threatening the global economy, was shrouded in secrecy. Neither side made comments to reporters on the way out.

The delegations plan to resume talks on Sunday.

While a major breakthrough, according to the Associated Press, seems unlikely, there is hope that both nations could reduce the steep tariffs they’ve imposed on each other’s goods, which could ease global financial markets and businesses tied to the $660 billion US-China trade relationship.

Tensions escalated last month when Trump raised US tariffs on Chinese goods to a combined 145%, including a 20% charge to press Beijing on fentanyl flows.

China retaliated with a 125% levy on US imports, risking a mutual trade boycott.

These tariffs, alongside Trump’s recent duties on other countries, have disrupted supply chains and sparked fears of a global downturn.

The US seeks to reduce its $295 billion trade deficit with China and push Beijing to abandon what it calls a mercantilist economic model.

Washington also wants China to boost global consumption, a shift requiring sensitive domestic reforms. Beijing demands lower US tariffs, clearer expectations on purchases, and equal treatment globally.

China’s Xinhua News Agency labelled US tariff hikes a “reckless abuse” destabilising the global economy but called the talks a “positive and necessary step” to avoid escalation.

“China’s determination to safeguard its development interests is unshakable,” it said.

The dispute revisits issues from Trump’s first term, when the US accused China of unfair practices like forced technology transfers and subsidies.

A 2020 “Phase One” deal saw China pledge to buy more US goods, but purchases fell short, partly due to COVID-19 disruptions.