White House: U.S. Announces Trade Agreement with China in Geneva

BlockBeats News, May 12th, the White House announced that the United States has reached a trade agreement with China in Geneva. U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Ambassador Jamieson stated that the negotiations took place in Geneva, Switzerland, lasting two days, and achieved "substantial progress." The negotiations were attended by Bessent, Ambassador Jamieson, the Chinese Vice Premier, and two Deputy Ministers.

The United States is facing a $1.2 trillion trade deficit. President Trump has declared a national emergency and imposed tariffs. The purpose of the negotiations is to address this "national emergency."

Both parties are satisfied with the outcome of the negotiations, believing that the differences were not as significant as imagined, and the agreement was reached swiftly. Specific details will be announced the next day (May 12th), and President Trump has been briefed and will receive a full briefing the next morning. U.S. officials are optimistic about the agreement, believing it will help address the trade deficit issue.