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🚨 BREAKING: United States Announces Trade Agreement with China Here are the key points: Significant Progress: U.S. Treasury Secretary Scott Bessent announced "significant progress" in talks, with an agreement aimed at reducing the U.S. trade deficit with China ($295 billion). Easing Trade Tensions: The deal follows escalating trade wars, with the U.S. imposing 145% tariffs on Chinese goods and China retaliating with 125% tariffs. The talks aim to defuse this escalation that rattled global markets. Resetting Relations: U.S. President Donald Trump described the agreement as a "complete reset" of trade relations, noting "significant progress" on the first day of negotiations. Details Pending: Specifics of the agreement were not immediately disclosed, but Bessent indicated details would be announced on Monday (May 12, 2025). U.S. Trade Representative Jamison Greer noted that gaps between the two sides were smaller than expected. U.S. Goals: Washington seeks to reduce the trade deficit and push China to abandon its "mercantilist" economic model, alongside politically sensitive domestic reforms. Cautious Optimism: Despite optimism, analysts warn of low expectations for a major breakthrough, citing ongoing tensions and mistrust. Global Impact: The agreement could ease disruptions in global supply chains and mitigate risks of a global economic downturn caused by the trade war. ⚠️Notes: Negotiations were mediated by Switzerland and included Chinese Vice Premier for Economic Affairs He Lifeng. The announcement follows a limited trade deal with the UK, raising hopes for more agreements. Further details are expected on Monday, clarifying the agreement’s nature and economic implications.

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