US, China reach deal to cut trade deficit, US officials say, details on Monday

GENEVA (Reuters) -U.S. Treasury Secretary Scott Bessent on Sunday reported "substantial progress" in U.S. talks with China's top economic officials to de-escalate a damaging trade war, but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva. Bessent told reporters that details would be announced on Monday and that U.S. President Donald Trump was fully aware of the results of the "productive talks." U.S. Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion U.S. global goods trade deficit.