US says it has a deal with China while Chinese call it ’consensus’

In a media briefing after a second day of talks with U.S. negotiators on Sunday, Chinese Vice Premier He Lifeng said trade talks with the U.S. “achieved substantial progress and reached important consensus.”

Earlier Sunday, the White House said that it reached a deal without providing any details.

While U.S. Trade Representative Jamieson Greer called it a “deal,” Treasury Secretary Scott Bessent, who was in Switzerland for the talks with Greer, said only that "substantial progress" had been made.

President Donald Trump on Friday voiced a willingness to ease tariffs on China, saying on social media it "seems right" to slash levies from 145% to 80%.

Trump last month sharply increased tariffs on China, prompting China to retaliate with 125% tariffs on U.S. goods. The tit-for-tat measures set off a trade war with the third-largest U.S. trade partner, which accounted for nearly $440 billion worth of imports last year.

The tariffs elicited warnings from a slew of companies about the risk of price increases for U.S. shoppers.

China said that it will release a joint statement with the U.S. on Monday regarding the agreement reached on Sunday.