US Officials strike a deal with China after two days of trade talks amid raging Trump tariffs

United States' officials, including the Treasury Secretary Scott Bessent, highlighted that China and the US have struck a deal after a two-day negotiation amid the looming Trump tariffs raging over the global economy, reported the news agency AP on Sunday, May 11. 

“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Scott Bessent told the news agency.

The US Treasury Secretary said that he realised maybe the differences are not that large between the two nations who went against each other after US President Donald Trump launch his reciprocal tariffs last month.

He also said, citing Donald Trump, that they are making “GREAT PROGRESS” and also suggested that there can be a stage of a “total reset” of the prevailing tariffs, which have created a situation of uncertainty in the global economy. 

What did China say?

According to the news agency's report, the Chinese delegation did not offer an immediate assessment of what happened, but China struck a more measured tone about the negotiations.

“Firmly reject any proposal that compromises core principles or undermines the broader cause of global equity,” said China in an editorial, according to the state-run news agency.

The US officials have also planned to do a media briefing on Monday, May 12, which is set to reveal more details on the progress of both nations.

“It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought,” said Jamieson Greer, US Trade Respresentative to President Donald Trump. 

Trade deficit issue

US President Donald Trump's priority is to close the trade deficit margin with China, which was at $263 billion at the end of last year, reported the news agency, citing Greer.

“We’re confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency,” he said, as per the news report.

Trump imposed a combined 145 per cent tariff on all goods imports from China, while the Asian nation retaliated with 125 per cent import duty on US goods into their nation.

“Talks should never be a pretext for continued coercion or extortion, and China will firmly reject any proposal that compromises core principles or undermines the broader cause of global equity,” said the Chinese government, according to the Xinhua report cited by the news agency.