China to release joint statement with US, says Vice Premier

Chinese Vice Premier He Lifeng announced that his country and the United States will issue a joint statement on their trade negotiations in Geneva on May 12.

Speaking to the media, He described the talks as "constructive" and "in-depth," noting "substantive progress." The official said that the parties reached an "important consensus" and agreed to create a trade consultation mechanism to address their issues in that area.

Previously, Treasury Secretary Scott Bessent also spoke about "substantial progress" in the "very important trade talks," while Trade Representative Jamieson Greer said that the differences between Washington and Beijing "are not as great as previously thought."