Trump Administration Reaches Trade Deal With China in Geneva

The Trump Administration says it has reached a trade deal with China following a meeting between top officials of both countries in Geneva, Switzerland this weekend.

Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer did not provide details on the agreement in quotes posted on the White House website, simply saying that talks with Chinese officials were “productive” and promising more details on Monday.

“It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. That being said, there was a lot of groundwork that went into these two days,” Greer said.

“Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,” he added.

In April, Trump declared that “foreign trade and economic practices have created a national emergency” and rolled out a series of tariffs that had been a cornerstone of his 2024 election campaign. China was his biggest target, raising tariff rates to 145% on all goods imported from the Asian country with the exception of electronic goods such as semiconductors.

China responded with reciprocal tariffs of 125% on most American goods, effectively starting a trade war that has led to a significant reduction of goods shipped to the U.S.. Officials at the Port of Los Angeles reported a 35% drop in shipments this past week, resulting in a loss of work for hundreds of port workers.

Even if the Geneva deal leads to a resumption of normal trade relations between the U.S. and China, it will take several weeks for the impact to be seen in the supply chain, as manufacturers and other businesses have reduced their orders for the coming weeks in anticipation of the tariffs.

As for the entertainment industry, Chinese officials announced last month that they would “moderately reduce” the number of American-made films approved for release in the country’s theaters in response to Trump’s tariffs.

As TheWrap reported, film industry executives believe such reductions would only affect films that were not expected to make a significant amount in China anyway, as interest among Chinese audiences in Hollywood films has dropped precipitously since the pandemic in favor of local films like “Ne Zha 2,” which became the first animated film to gross $2 billion at the global box office almost exclusively from local grosses.

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