By Janet H. Cho
Stock futures loom after weekend trade talks between senior U.S. and China delegations wrapped up in Switzerland earlier Sunday.
Treasury Secretary Scott Bessent, who was leading the U.S. trade delegation, said they made "substantial progress" in discussions with their Chinese counterparts, promising a complete briefing Monday morning. "We will be giving details tomorrow, but I can tell you that the talks were productive," he said.
U.S. Trade Representative Jamieson Greer also said it was a "very constructive two days," saying that the discussions indicated "perhaps the differences were not so large as maybe thought."
The White House offered no additional comment after releasing statements by Bessent and Greer in a communication entitled "U.S. Announces China Trade Deal in Geneva."
President Donald Trump imposed 145% tariffs on imported Chinese goods after declaring a national emergency. The talks in Switzerland were aimed at getting both parties to the table to negotiate a new trade agreement, potentially lowering that level.
Bessent said in his statement on Sunday that he had spoken with Trump. The president said on his own social media platform late Saturday that the talks in Switzerland had been going well, with "much agreed to." The president added that it was "a total reset negotiated in a friendly, but constructive, manner."
In his statement on Sunday, Ambassador Greer said: "We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency."
Stock futures in the U.S. begin trading at 6 p.m. Eastern time on Sunday.
The Dow Jones Industrial Average closed down 68 points, or 0.2% last week, at 41,249, snapping a two-week winning streak, in its largest one-week point and percentage decline since the week ending April 17, according to Dow Jones Market Data. The Dow is down 3% so far this year.
The S&P 500 Index and the Nasdaq Composite also notched their biggest one-week point and percentage drops since the week ended April 17.
The S&P 500 Index last week closed down 0.5%, to 5660, and is down 3.8% so far this year.
The Nasdaq Composite Index is down 0.3% last week, to 17,929, and is down 7.2% this year.
Write to Janet H. Cho at janet.cho@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 11, 2025 14:08 ET (18:08 GMT)
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