In a surprise development, former US President Donald Trump hailed a “total reset” in trade talks with China, following high-level negotiations held discreetly in Geneva, Switzerland. Posting on his Truth Social platform, Trump described the discussions as “friendly, but constructive,” and claimed “great progress made,” though he offered no specifics.

The talks, hosted at the private villa of Switzerland's ambassador to the UN, brought together Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Greer. This marked their first face-to-face meeting since a fierce tariff war erupted earlier this year, effectively freezing $600 billion in annual trade between the world’s two largest economies.

The discussions spanned eight hours on Saturday, with plans to resume on Sunday. While no joint statement was issued, both sides emphasized the importance of continued engagement. China’s Xinhua News Agency called the meeting “a positive and necessary step,” while reiterating Beijing’s resolve to defend its economic interests.

Tensions remain high, with Trump suggesting a new 80% tariff on Chinese imports as an alternative to the current 145%. China, facing 125% retaliatory tariffs, is reportedly seeking parity in tariff waivers granted to other US trading partners during talks.

Swiss officials, who helped broker the meeting, expressed cautious optimism. Swiss Economy Minister Guy Parmelin noted that the mere occurrence of the talks was “already a success.” WTO Director-General Ngozi Okonjo-Iweala welcomed the dialogue as a constructive move towards de-escalation.

As the talks unfold, both Washington and Beijing face pressure to balance domestic political optics with global economic stability. Despite low expectations of an immediate breakthrough, the Geneva negotiations mark a crucial attempt to thaw relations and stabilize global trade.

In a surprise development, former US President Donald Trump hailed a “total reset” in trade talks with China, following high-level negotiations held discreetly in Geneva, Switzerland. Posting on his Truth Social platform, Trump described the discussions as “friendly, but constructive,” and claimed “great progress made,” though he offered no specifics.

The talks, hosted at the private villa of Switzerland's ambassador to the UN, brought together Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Greer. This marked their first face-to-face meeting since a fierce tariff war erupted earlier this year, effectively freezing $600 billion in annual trade between the world’s two largest economies.

The discussions spanned eight hours on Saturday, with plans to resume on Sunday. While no joint statement was issued, both sides emphasized the importance of continued engagement. China’s Xinhua News Agency called the meeting “a positive and necessary step,” while reiterating Beijing’s resolve to defend its economic interests.

Tensions remain high, with Trump suggesting a new 80% tariff on Chinese imports as an alternative to the current 145%. China, facing 125% retaliatory tariffs, is reportedly seeking parity in tariff waivers granted to other US trading partners during talks.

Swiss officials, who helped broker the meeting, expressed cautious optimism. Swiss Economy Minister Guy Parmelin noted that the mere occurrence of the talks was “already a success.” WTO Director-General Ngozi Okonjo-Iweala welcomed the dialogue as a constructive move towards de-escalation.

As the talks unfold, both Washington and Beijing face pressure to balance domestic political optics with global economic stability. Despite low expectations of an immediate breakthrough, the Geneva negotiations mark a crucial attempt to thaw relations and stabilize global trade.