The Journal. Inside the Surprise U.S.-China Trade Deal
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May 13, 2025 
Brian Schwartz, an economic policy reporter for WSJ, shares insights on the unexpected U.S.-China trade agreement that took global investors by surprise. He discusses how Treasury Secretary Scott Bessent navigated challenging negotiations in Geneva to reach a temporary truce, significantly cutting tariffs. Schwartz highlights the initial skepticism surrounding talks and the pivotal role of e-commerce in shaping future trade dynamics. His analysis reveals the intricate balance of tension and cooperation in the ongoing U.S.-China relationship.
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Secret Geneva Trade Talks
- Brian Schwartz followed Treasury Secretary Scott Besant's convoy to a private estate near Geneva for secret trade talks.
- This unexpected move led to a 90-day truce deal that surprised global investors.
Tariff Reduction Details
- The U.S. reduced baseline tariffs on Chinese goods to 10%, except a 20% fentanyl-related tariff.
- The fentanyl tariff remains due to ongoing U.S. concerns about China's involvement in fentanyl distribution.
Besant's Role in Trade Talks
- Scott Besant earned President Trump's trust by showing loyalty as a Wall Street financer supporting Trump early.
- His calm, direct approach made a significant impact during delicate China trade negotiations.