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.

On Saturday, senior officials from Washington and Beijing concluded the first day of trade talks in Geneva, Switzerland. The president has been embroiled in a tense trade war since he raised U.S. tariffs on China to a combined 145 percent earlier this year, which prompted Beijing to retaliate with a 125-percent levy on American imports.

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.