The White House announced on Sunday a preliminary trade agreement with China following negotiations held over the weekend between U.S. officials and their Chinese counterparts in Geneva.

Although the specifics of the agreement were not disclosed, the announcement comes as a potential de-escalation in the ongoing trade tensions that have affected the global economy since the imposition of extensive tariffs.

U.S. Treasury Secretary Scott Bessent, who testified before a House Financial Services Committee following the talks, described the discussions as "productive." He indicated that important progress had been made but stated that more detailed information would be provided in a briefing scheduled for Monday morning.

Bessent noted that he and U.S. Trade Representative Jamieson Greer had briefed President Donald Trump about the negotiations, stating that Trump was fully informed of the developments.

Greer emphasized the constructive nature of the discussions, mentioning a general agreement while maintaining a degree of ambiguity regarding the specifics.

The Vice Premier of the People’s Republic of China, He Lifeng, characterized the weekend meetings as having reached "substantial progress and important consensus." He further elaborated that both parties had agreed to establish a consultation mechanism for trade and economic issues to facilitate ongoing dialogue.

China’s International Trade Representative, Li Chenggang, suggested that further announcements detailing the negotiations would be forthcoming, though he refrained from providing a specific timeline.

He remarked, "As we say back in China, if the dishes are delicious, then timing is not a matter," highlighting the significance of the forthcoming statements.

The negotiations took place against a backdrop of heightened economic uncertainty stemming from the trade conflict that has escalated dramatically in recent weeks.

Following President Trump’s announcement of sweeping tariffs of 145% on Chinese goods, China retaliated with its own tariffs, increasing levies on U.S. products by 125%.

This reciprocal tariff imposition has led to fluctuations in the financial markets and raised concerns regarding supply chain disruptions and price increases for consumers.

In a statement on social media, President Trump conveyed optimism about the discussions, asserting that a "total reset" was negotiated in a constructive manner.

He described the meeting as "very good," indicating that substantial agreements had been reached between the two nations.

As the situation develops, both sides appear to be willing to engage further to resolve outstanding trade issues, though comprehensive details about the newly minted deal remain pending.