In a press statement following the conclusion of talks held in Geneva under Swiss government auspices, Biesant described the negotiations as "fruitful and highly important."

For his part, U.S. Trade Representative Ambassador Jamison Greer affirmed that both sides had reached a "shared understanding," noting that the U.S. faces a $1.2 trillion trade deficit—a situation that prompted the American president to declare a national emergency and impose tariffs.

"We are confident that the agreement reached with our Chinese partners will help work toward resolving this national crisis," Greer added, stressing that the "breakthrough was achieved in a spirit of cooperation, mutual interest, and respect," and that he looks forward to sharing good news soon.

In a separate development, Chinese Vice Premier He Lifeng announced that the two sides had agreed to "establish a U.S.-China economic and trade consultation mechanism," calling the talks "candid, in-depth, and constructive," according to Chinese state media.

Lifeng added that both parties would hold regular consultations on issues of mutual interest—a step he described as critical to fostering stability and understanding in bilateral economic relations.

Commenting on the high-level talks, Swiss Economy Minister Guy Parmelin told Swiss public broadcaster SRF that "there are reasons for optimism," and that "even a de-escalation, such as suspending tariffs during ongoing negotiations, would itself be a success."

The high-level talks began Saturday morning in Geneva, with U.S. Treasury Secretary Biesant and Trade Representative Greer attending for the American side, while Chinese Vice Premier He Lifeng—the Communist Party Politburo member overseeing U.S.-China economic affairs—led Beijing’s delegation.

This marks the first such meeting since the latest tariff tensions began, with both sides agreeing to hold initial negotiations in Switzerland.

Bilateral relations have grown increasingly strained since U.S. President Donald Trump imposed tariffs on Chinese imports, raising them to 145%, while Beijing retaliated with tariffs of up to 125% on American goods.