The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.

The United States has reached a preliminary trade deal with China after the two countries met for negotiations in Switzerland over the weekend, the Trump administration announced. The news follows Treasury Secretary Scott Bessent and U.

President Trump said late Saturday that U.S. and Chinese officials had negotiated a "total reset" in their trade relationship during talks in Switzerland. Why it matters: An actual reset — with sharply lower tariffs or none at all — would be the relief businesses and investors have been praying for from a trade war that has already significantly damaged the economy.