Trump says U.S. and China negotiated "total reset" in tariff talks

CBS News ^ | May 10, 2025 / 7:42 PM EDT | CBS/AP

[E. Pluribus Unum]

Sensitive talks between U.S. and Chinese delegations over tariffs that threaten to upend the global economy ended after a day of prolonged negotiations and will resume Sunday, a source briefed on the meetings confirmed to CBS News.

President Trump posted on his social media Saturday evening after the meetings concluded, saying "great progress" was made.

"A very good meeting today with China, in Switzerland," Mr. Trump said. "Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business."

There initially was no immediate indication whether any progress was made Saturday during the more than 10-hour meeting between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Switzerland. The talks, which could help stabilize world markets roiled by the U.S.-China standoff, have been shrouded in secrecy and neither side made comments to reporters on the way out.

Based on Bessent's interview with Fox News last week, initial discussions were likely about "de-escalation, not about the big trade deal." The Treasury secretary said the U.S. and China have "shared interests" because the sky-high tariffs imposed by both countries last month are not "sustainable."

[bray]

Has DNCBS paid their $20 Billion to Trump yet?

[Diana in Wisconsin]

CBS is ‘reporting’ this? CBS? Are ya SURE? LOL! MAGA!

[daler]

Perhaps by Monday there’ll be a deal in which China agrees to drop all tariffs in exchange for the U.S. reducing its tariffs to 25%.

Then CBS can report that Trump buckled and dropped the unreasonable tariffs he imposed last month./s

[Sarah Barracuda]

Came from trump himself it’s on his truth social not sure what a total reset means will see they did talk for 10 hrs

[Mariner]

China will never allow meaningful access for US products, except those which a dual use (civilian/military).

And Buicks.

Not ever.

They will say anything, sign anything, to keep unencumbered access to the US market.

But only fools believe they’ll get equal access...hell, even REASONABLE access.

[VAFreedom]

china will never fool me, i was born to eye every chinese with suspicion. yes that includes regular chinese citizens. i guess i’m getting old and angrier.

[struggle]

Chinese have always had a bandit economy and it’s going to be really hard to limit their treachery but I think the negotiators know it.

[Red6]

This was predictable.

Trump is taking advantage of his public honeymoon period and blows the issue up in the media to where it can’t be ignored.

[ifinnegan]

“ We want to see, for the good of both China and the U.S., an opening up of China to American business.”

Charlie Brown wants to kick the football.

But it’s not going to happen unless someone other than Lucy is holding it.

Lucy is Chinese government for those in Rio Linda.

[Organic Panic]

So far the only supplies that have gone up for me where China is the sole producer, have increaded about 5% . Not the end of the world like the democrats are screaming.

[nathanbedford]

“ We want to see, for the good of both China and the U.S., an opening up of China to American business.

Wanting the good, even negotiating to establish the "good," is nice, it is certainly good public relations or propaganda, but it should not be the overriding strategic goal of the US.

The overriding goal should be reestablishing the relative strategic condition of the US to be superior to China's, both economically and militarily. This necessarily requires securing our supply chain for critical raw materials such as rare earth minerals, pharmaceuticals and chips. Ultimately, it means restoring America to its primal mercantilist position on top of the world and, if possible, the relative degrading of China's industrial capacity.

In this statement, Trump reveals his sensitivity to permitting these negotiations lapsing into a race to the bottom. It for no other reason than looming midterm elections, the negotiation process must present potential for upside to both parties if a dismal spiral is to be avoided.

That is the scenario that is playing out to some degree around the war in Ukraine with both sides claiming the other side is losing the race to survive unacceptable losses. In this propaganda contest, neither side can be trusted and both sides claim the most outrageous set of facts and certainties.

The scenario must be avoided in this negotiation process with China but it is equally necessary that we truly understand our endgame needs. Those needs are not to keep the music playing for big-box retailers with cheap Chinese toys for Christmas. Those needs do not require the shoring up of the stock market for Goldman Sachs. But they do include establishing confidence among the investment class that it is safe to invest in America long-term in ways that will ensure America's dominance militarily and industrially.

To ensure America reestablishing its place inevitably means that China must be relatively diminished but, as Trump's remark reveals, that implicit goal must not be openly maintained or internal domestic politics on both sides will simply crash the negotiating process. Carrots as well as sticks must be dangled in exquisite balance. Finally, it is critical that we conduct the negotiating process mindful, not of short-term Goldman Sachs issues, but mindful of the precarious state of our national debt and the equally precarious state of the bond market. A critical concern that further explains Donald Trump's quoted remark.

We have the immediate need to refinance a significant portion of our $37 trillion national debt within the coming months and we have a long-term goal of converting America into a mercantilist nation, strong in trade and deterrence. We must understand everything pivots around our debt crisis and everything concerning the debt crisis pivots around a functioning bond market. That means that, as we try to restructure Americas and the world's trading system to our advantage we t do so because we are broke and we must do so while keeping the bond market vigilantes at bay.

This is a daunting challenge that requires high wire balancing talents that must at least show promise by the midterms. Unlike the war of attrition in Ukraine that has no fixed judgment date, the Chinese are no doubt aware of the implications of our midterm elections and so they would normally be inclined to delay and obstruct negotiations as much as possible but, conversely, they know that, not unlike Russia, they have massive internal pressures and with real dangers of an imploding economy if their external trade juggernaut is capped by any such delay.

If the critics claim that all this is typical of chaos in Trump's world, we know that Trump has a very small needle to thread, under great domestic pressures, with scant margins and snares on all sides. Small wonder he must shift positions, or at least emphasis, as he necessarily pursues so many conflicting objectives.

[trebb]

The Art of the Deal - be flexible....