US trade representative says progress made with China, announcement due Monday

The United States and China have made progress in trade negotiations held on the sidelines of a summit, with results set to be announced Monday.

US Trade Representative Jamieson Greer told CNBC on Friday (local time) that the two sides had made headway, saying he would provide "a lot more detail on Monday about what we've been able to accomplish over the last few weeks of negotiations with China."

The remarks align with comments by Chinese President Xi Jinping, who told US President Donald Trump at their meeting Thursday that "the economic and trade teams of both sides have reached a new joint agreement," adding that it was "good news for industries and people of both countries, and for the world economy," according to China's state-run Xinhua news agency.

Greer did not specify which areas had seen progress. However, the Monday announcement may include a high-level agreement to extend the two countries' trade truce by two months. Greer and Treasury Secretary Scott Bessent have been negotiating with Chinese Vice Premier He Lifeng. Bessent said Tuesday that the two sides had agreed to extend the truce, which had been set to expire Nov. 10, by two months.

On tariff reductions for non-sensitive goods through a US-China trade commission, Greer said the two sides had "reached agreement on a number of issues." Non-sensitive goods refer to general products with little connection to national security or advanced technology. He described them as items that would be shielded from future trade disputes or tariff measures — a safeguard designed to keep routine commerce stable even if relations between the two countries deteriorate again.

Export controls on advanced US semiconductors bound for China, however, were largely kept off the negotiating table. Greer described cutting-edge chips as "the most precious asset of American technology and the means by which we stay ahead in the superintelligence or AI race," and drew a line, saying such discussions "were largely not part of these negotiations."