White House reports $12 billion progress in China trade talks

The White House announced on May 11, 2025, that trade negotiations between the United States and China have made “substantial progress,” though no formal agreement has yet been disclosed.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer issued a joint statement indicating the talks were productive but withheld specific details about any deal.

“I am happy to report that we made substantial progress between the United States and China in the very important trade talks,” Bessent said.

"We will be giving details tomorrow, but I can tell you that the talks were productive,” he added, without explicitly confirming a finalised agreement.

Greer referenced the possibility of a deal but did not elaborate, leaving investors uncertain about the outcome as markets continue to watch for signs of easing trade tensions.

The announcement comes amid ongoing volatility in financial and digital asset markets, which have been affected by tariffs imposed under the Trump administration.

These tariffs have caused fluctuations and uncertainty, especially in sectors like technology and cryptocurrencies, where investors remain cautious.

In April 2024, the U.S. Customs and Border Protection temporarily exempted certain tech products such as smartphones and processing chips from tariffs, only to have Commerce Secretary Howard Lutnick clarify that these exemptions were short-term pending a comprehensive tariff strategy.

Lutnick explained that the administration was considering differentiated tariff rates across economic sectors, contributing to market uncertainty.

Observers have criticised the administration’s inconsistent trade policies, warning that ongoing tariff disputes could disrupt financial markets and the broader economy further.

According to analysts, the lack of a clear and consistent trade framework continues to weigh on investor confidence.

The White House plans to provide more information on May 12, 2025, which market participants hope will clarify the status of the U.S.-China trade discussions.