ISTANBUL

US Treasury Secretary Scott Bessent and Chinese Finance Minister Lan Fo'an held a secret meeting in the basement of the International Monetary Fund (IMF) headquarters three weeks ago, the Financial Times reported Monday.

The clandestine encounter took place during the IMF spring meetings in Washington, DC, where the officials discussed "the near complete breakdown in trade between the world's two biggest economies," according to people familiar with the matter.

The meeting laid the groundwork for trade talks in Geneva, the newspaper added.

The revelation contradicts previous statements from both sides. Bessent had claimed last week that no engagements with China had occurred, while Chinese officials had been denying US President Donald Trump's assertions on holding any negotiations.

Neither the US nor Chinese authorities have confirmed or denied the report.

The disclosure comes after the US and China concluded intensive trade negotiations in Geneva, Switzerland last weekend.

The talks yielded an agreement to significantly reduce tariffs for an initial 90-day period, with the US dropping its tariff on Chinese imports from 145% to 30%, while China will reduce its import duty on American goods to 10% from 125%.

The negotiations, described as "constructive" by both sides, represent a breakthrough after months of deteriorating relations following Trump's steep tariff increases earlier this year.