The United States has reached a preliminary trade deal with China after the two countries met for negotiations in Switzerland over the weekend, the Trump administration announced. The news follows Treasury Secretary Scott Bessent and U.

On Saturday, senior officials from Washington and Beijing concluded the first day of trade talks in Geneva, Switzerland. The president has been embroiled in a tense trade war since he raised U.S. tariffs on China to a combined 145 percent earlier this year, which prompted Beijing to retaliate with a 125-percent levy on American imports.

President Trump said late Saturday that U.S. and Chinese officials had negotiated a "total reset" in their trade relationship during talks in Switzerland. Why it matters: An actual reset — with sharply lower tariffs or none at all — would be the relief businesses and investors have been praying for from a trade war that has already significantly damaged the economy.