Top US officials, including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer

, have reported “substantial progress” in recent trade talks with China. The discussions, held in Geneva, aimed to de-escalate trade tensions between the two nations. Here are the key points from the talks ¹:

– Progress and Optimism: Bessent stated that the talks were productive, and both sides made substantial progress. Greer added that the differences between the US and China are not as large as previously thought.

– Tariffs and Trade: The US has imposed tariffs of up to 145% on Chinese goods, while China has retaliated with 125% tariffs on US goods. The talks focused on reducing these tariffs and finding a mutually beneficial solution.

– Potential Outcomes: While some analysts are skeptical about significant changes in the US-China trade relationship, others believe that the talks could lead to a reduction in tariffs and improved trade relations.

– Next Steps: A complete briefing on the outcome of the talks is expected on May 12, and the Chinese delegation is scheduled to speak to the media on the evening of May 11.

– US Goals: The US is seeking to open up China to American businesses, and President Donald Trump has expressed optimism about the talks, stating that “great progress” has been made.

Despite the progress reported by US officials, analysts remain cautious about the prospects of a major breakthrough in the trade talks ².