U.S., China reach trade agreement; details coming Monday

Market implications are expected Monday morning worldwide following Sunday’s announcement of a trade agreement between the United States and China.

No details were announced. The two superpower countries have sparred since President Donald Trump’s January inauguration and subsequent tariff implementations.

The deal was reached in Geneva, Switzerland.

“We will be giving details tomorrow, but I can tell you that the talks were productive,” Treasury Secretary Scott Bessent said in a Sunday afternoon statement released by the White House. “We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning.”

He and Trade Ambassador Jamieson Greer said the meetings were “constructive” and Swiss hosts were instrumental in helping move things along.

“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 maybe thought,” Greer said in the White House statement. “That being said, there was a lot of groundwork that went into these two days.”

And he added, “Just remember why we’re here in the first place – the United States has a massive $1.2 trillion trade deficit, so the president declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”

(This is a developing story. Check back for updates.)