Trump claims "total reset" with China as trade talks continue

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. What they're saying: "Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner," Trump posted on Truth Social after the first day of talks in Geneva."GREAT PROGRESS MADE!!!"Trump did not offer any other details on what was agreed or what a reset would actually mean. Talks are continuing on Sunday. Catch up quick: A series of tit-for-tat trade retaliations in recent months left the U.S. and China with what Treasury Secretary Scott Bessent has called an effective "trade embargo," as tariffs rose to the point of choking off business between the countries. At stake is hundreds of billions of dollars of commerce, with increasingly urgent consequences for both economies. In the U.S., retailers warn it's only a matter of a few weeks before shoppers start to experience widespread empty shelves and rising prices. On Friday, Trump suggested an 80% tariff on China, versus the current 145%, might be more reasonable, while the Chinese side condemned U.S. "abuse" of trade levies. Between the lines: U.S. stocks have mostly recovered their initial trade war losses, but U.S. Treasury bonds and the dollar have not, as America's safe-haven status has been damaged in the eyes of international investors. Growing signs of a potential recession, and a loudly ticking clock on the U.S. debt ceiling, aren't helping matters any. What to watch: International markets will start to open later Sunday evening, giving an early sense of whether investors are optimistic about the weekend's developments.Editor's note: This is a developing story. Check back for updates.

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