China Hails US Trade Deal As ‘Good News For The World’ — Trump Declares ‘Total Reset’

China has confirmed progress in its trade talks with the U.S. following two days of diplomatic-level meeting in Geneva over the weekend.

A statement posted on the Chinese Commerce Department's website said that Vice Premier He Lifeng, who also led the Chinese delegation, said at a press conference that the weekend trade talks were "candid," "in-depth," and "constructive."

He also confirmed U.S. Treasury Secretary Scott Bessent's comments that the two sides reached a vital consensus and made substantial progress.

The U.S. and China have agreed to establish a joint economic and trade consultation mechanism.

Lifeng said the two nations would finalize the relevant details as soon as possible and issue a joint statement on Monday regarding the agreement reached at the talks.

The vice premier said, "Through the joint efforts of China and the United States, the talks have been fruitful, taking an important step in resolving differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation."

Beijing also expressed willingness to work with the U.S. to actively implement the consensus reached between Chinese President Xi Jinping and his U.S. counterpart Donald Trump during a phone call on Jan. 17. 

When asked about the timing of the joint statement's release on Monday, China's international trade negotiator and Vice Minister of Commerce Li Chenggang reportedly said, "No matter when this statement is released, it's going to be big news and good news for the world."

In a statement shared by the White House, Bessent said, "I'm happy to report that we made substantial progress between the United States and China in the very important trade talks."

The Treasury Secretary also said President Trump has been apprised of all the happenings, and there will be a complete briefing on Monday morning.

U.S. Trade Representative and Ambassador Jamieson Greer said the deal struck with China will help tackle the country's $1.2 trillion deficit, which he called a "national emergency."

Posting on his Truth Social account, Trump said, "A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business."

"GREAT PROGRESS MADE!!!" he added.

Trump's levies on Chinese imports now stand at 145%, with the effective rate as high as 245% for some goods, while China has stopped with a 125% universal duty on imports from the U.S.

The Invesco QQQ Trust (QQQ) ETF is down 4.41% this year, the SPDR S&P 500 ETF (SPY) has lost 3.4%, and the iShares MSCI China ETF (MCHI) has gained about 14%.

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