Geneva, 12 May 2025 (dpa/MIA) - The US has reached a "deal" with China at trade dispute talks in Switzerland, US Trade Representative Jamieson Greer said on Sunday, promising that details would be announced on Monday.

The Chinese delegation, led by Vice Premier He Lifeng, said that the two sides had reached several "significant agreements" in their discussions, Chinese state media reported.

The Chinese vice premier also said that the US and China have agreed to establish an economic and trade consultation mechanism. He described the discussions in Switzerland as open and constructive, adding that the details would be finalized soon.

He described the Geneva meeting as a key move towards settling differences through dialogue, saying it paved the way for stronger collaboration. China, he added, is prepared to expand cooperation and advance trade ties with the US into a new stage aimed at supporting global economic stability.

A joint statement from both sides was set to be issued on Monday.

US President Donald Trump last month declared a "national emergency" because of the massive trade deficit with China, which amounts to $1.2 trillion, US Trade Representative Greer noted.

"We are confident that the deal we struck with our Chinese partners will help us work towards resolving that national emergency," he said. US Treasury Secretary Scott Bessent, who was also in Geneva, said "substantial progress" had been made.

Trump had sparked an uproar by introducing duties of up to 145% on Chinese goods. China responded with retaliatory tariffs of 125% on US imports, sparking fears of a global trade war. Trump later floated the idea of cutting his 145% tariffs on China to 80%.

Trump said early on Sunday that the two sides had made "GREAT PROGRESS" on the first day of talks in Switzerland.

"Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner," Trump wrote on his Truth Social platform. "We want to see, for the good of both China and the U.S., an opening up of China to American business."

Chinese state news agency Xinhua, a mouthpiece for the ruling Communist Party, wrote in a commentary on Sunday that if Washington really wanted to resolve trade disputes through dialogue, it must first address the damage its tariff-driven policies have caused to the global trading system, its own economy and its citizens.

US Commerce Secretary Howard Lutnick acknowledged that high tariffs on Chinese imports would reduce trade volumes, but called them the first step in broader trade negotiations and that Americans would benefit from the tough approach in the long-run.

"What the president's tariff policy is, is let's open all the markets in the world that have been closed to us. Let's get that opportunity for Americans to export to them, let's really, really help Americans export," he told US broadcaster CNN on Sunday.

Geneva is home to the World Trade Organization (WTO), where several countries, including the European Union, have announced complaints against US tariffs. They argue that the surcharges violate WTO rules.

Photo: EPA