"We are confident that the agreement we reached with our Chinese partners will help us move forward toward ending this national emergency," Greer said Sunday after a two-day meeting in Geneva.
He explained that US President Donald Trump declared a "national emergency" last month due to the massive trade deficit with China, which amounts to $2.1 trillion.
US President Donald Trump sparked controversy when he imposed 145% tariffs on Chinese goods, and China responded with retaliatory tariffs of 125% on US imports, raising fears of a global trade war.
Trump later floated the idea of reducing the tariffs he imposed on China from 145% to 80%.
US Commerce Secretary Howard Lutnick acknowledged that higher tariffs on Chinese imports would reduce trade volume, but described them as the first step toward broader trade negotiations, emphasizing that Americans would benefit from this tough approach in the long run.
The Chinese delegation later held a press conference, describing the talks as a "frank, in-depth, and constructive dialogue." Chinese Vice Premier He Lifeng said the two sides agreed to "establish a consultation mechanism" for further discussions on trade and economic issues.