US Treasury Secretary Scott Bescent testified before the House Financial Services Committee on May 7, 2025, at Capitol Hill, Washington, DC, entitled “Annual Testimony of the State Treasury Secretary of the International Financial System.”
Nathan Howard | Reuters
Sunday White House announcement A “trade contract” with China without providing details after Trump administration officials negotiated with Chinese counterparts over the weekend.
Details of the transaction are still unknown, but the elimination in the ongoing trade war could provide much-needed relief to the global economy since President Donald Trump’s April 2nd tariff announcement.
Treasury Secretary Scott Bescent said Sunday that trade talks held in Geneva over the weekend were “productive.”
He said the speech will bring “many” of productivity and will provide more details at a full briefing Monday morning.
Bessent also said he and US representative Jamieson Greer spoke with President Donald Trump on Saturday evening, saying they were “fully informed” of the discussion.
Greer said in his remarks Sunday that officials had reached some form of “deal” but did not provide details. He praised the argument as “very constructive.”
“It’s important to understand how quickly we were able to reach an agreement, reflecting that the differences were probably not as big as they were thought,” Greer said.
“We believe that dealing with Chinese partners will help us work towards resolving the emergency in the country,” he added.
High-stakes negotiations in Switzerland this weekend arise amid widespread economic uncertainty stemming from the US-China trade war.
Since Trump announced a 145% tariff on Beijing, the two countries have been involved in the direction of tariffs in a few weeks. In response, China has raised US taxes to 125%.
The standoff has shaken up financial markets and sparked concerns about a decline in consumer products and rising prices.
Trump praised the first day of discussion, writing that US officials had a “very good meeting with China today” on Saturday True Social Post.
“A lot of things were discussed and a lot of things agreed,” Trump wrote. “A total reset negotiated in a friendly and constructive way.”
Bescent said he and Greer met with the Vice Prime Minister of China. This has been called the Treasury Secretary “integrally involved” in the debate.
