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.

High-level talks between the United States and China have begun in Geneva, Switzerland, Chinese state media reported on Saturday, in a possible thaw in the trade war sparked by President Donald Trump’s massive tariffs.