Geneva, May 12 -- The United States and China have reached a significant agreement aimed at reducing the widening trade deficit between the two nations, following two days of intensive negotiations in Geneva.

US Treasury Secretary Scott Bessent announced on Sunday that the discussions with China's top economic officials had made "substantial progress," describing the engagement as "productive," though he withheld the specifics of the agreement, promising further details on Monday. Bessent confirmed that US President Donald Trump was fully briefed on the outcomes.

US Trade Representative Jamieson Greer, who participated in the talks alongside Bessent, Chinese Vice Premier He Lifeng, and two Chinese vice ministers, described the result as...