U.S. and China Hail Progress, but Does That Mean There’s a Trade Deal?

Deal or no deal? That’s what financial markets and businesses are waiting to learn.

A weekend of productive trade talks in Geneva between the United States and China resulted in a “deal,” said Jamieson Greer, the United States Trade Representative and one of the main negotiators for the Trump administration. His Chinese counterpart expressed optimism, but with a less emphatic take.

He Lifeng, China’s vice premier for economic policy, who led the talks for the Chinese, said the discussions had been constructive and that an “important consensus” had been reached. Without providing details, he said the two sides had agreed to establish a “consultation mechanism,” but he seemed to stop short of declaring a done deal.

That difference in initial framing over what two days of negotiations had achieved underlined the sensitivities around trade between the world’s two largest economies.

During a news briefing in Switzerland on Sunday, Treasury Secretary Scott Bessent said the talks had resulted in “substantial progress.” Mr. Greer said the two countries had reached an “agreement” quickly and that “perhaps the differences were not so large as maybe thought.”

Shortly thereafter, the White House issued a statement, entitled “U.S. Announces China Trade Deal in Geneva,” that offered no new details. When asked about the White House’s statement, Chinese officials said the outcome of the meetings would be reflected in a joint statement on Monday by the two countries. They did not elaborate but said it would be good news for the world.

In Asia, financial markets were mostly higher, as was trading in S&P 500 futures that indicate how stocks could respond in the morning in New York.