There was an important development in the long-standing trade tension between the US and China. The two countries announced that they reached an agreement to reduce the trade deficit after two days of negotiations in Geneva, Switzerland. In the statements made after the talks, it was stated that the details of the agreement will be shared with the public on May 12.
According to Reuters news agency, Finance Minister Scott Bessent, who was part of the US delegation, told reporters after the talks that the negotiations were very constructive and productive. Bessent said, “Both sides demonstrated a solution-oriented approach. In this process, an environment of common sense and constructive dialog was created. We have reached a concrete agreement to reduce the trade deficit,” Bessent said. While no information was provided on which sectors the agreement covers and the timetable for its implementation, it was reported that US President Donald Trump was regularly informed throughout the negotiation process and was satisfied with the outcome.