U.S. and China make "substantial progress" in first high-level tariff talks

The U.S. and China say they finished their first official trade talks on a positive note over the weekend, with the results of their negotiations set to be revealed on Monday.

Our Choi Soo-hyung reports.

The United States and China saw "substantial progress" in their first negotiations between senior officials since the trade war erupted.

U.S. Treasury Secretary, Scott Bessent said on Sunday at the end of a two-day meeting in Geneva, Switzerland that the talks were productive and constructive.

"I'm happy to report that we've made substantial progress between the United States and China in these very important trade talks. And I spoke to President Trump, as did Ambassador Jamieson last night, and he is fully informed of what is going on."

China also stated both sides' trade relations are mutually beneficial and that they will issue a joint statement on Monday, local time.

Although details have not been disclosed, attention is on possible agreements over tariffs, illegal drugs, and China's rare earth export limits. The head of Chinese delegation, He Lifeng has also vowed to continue further talks.

"The meeting achieved substantial progress. The two sides agreed on establishing a consultation mechanism for trade and economic issues, identified the lead persons on each side, and we'll carry on further consultations relating to trade and economic issues of their respective concerns."

The latest high-level meeting marked the first between the two nations since U.S. President Donald Trump's return to office.

Since February, President Trump has imposed tariffs on Chinese goods, reaching up to 145 percent.

In response, China raised tariffs on U.S. imports to 125 percent and imposed a ban on rare earth exports.

However, right before the latest talks, on Friday last week Trump suggested lowering tariffs to 80 percent and later on the first day of negotiations, he posted on his social media, saying "great progress" was made.

Choi Soo-hyung, Arirang News.