U.S. and China Hold Crucial Trade Talks in Switzerland This Weekend

WASHINGTON (AP) — Top U.S. officials are preparing to meet with a high-level Chinese delegation this weekend in Switzerland. This marks the first significant discussions between the two nations since President Donald Trump initiated a trade war with sharp tariffs on imports.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will hold talks with their Chinese counterparts in Geneva. This development comes amid rising concerns in the U.S. about the effects of tariffs on consumer goods.

During a House subcommittee meeting, Bessent noted that the U.S. is currently negotiating with 17 of its 18 major trading partners, but China is not among them as of now. He added, “Perhaps as early as this week, we will be announcing trade deals with some of our largest trading partners.”

No country has faced more significant challenges due to the trade war than China, which is the world’s largest exporter and the second largest economy. Following Trump’s “Liberation Day” tariffs announced on April 2, China responded with its own tariffs, a move that Trump interpreted as a lack of respect.

The escalating tariffs have reached alarming levels, with U.S. tariffs against China now at 145 percent and Chinese tariffs on U.S. goods at 125 percent. American firms are already canceling purchase orders from China and pausing their expansion plans due to the ongoing trade conflict.

After the talks were announced, Bessent expressed on Fox News’ “The Ingraham Angle” that “China has been the missing piece” in the negotiations. He claimed that the current situation was “unsustainable,” particularly for China, and described the high tariff rates as akin to an embargo. “We don’t want to decouple. What we want is fair trade,” Bessent stated.

Trump had previously asserted that negotiations with China were underway to lower tariffs, a claim that Beijing denied, insisting that Trump must first reduce his harsh tariffs. The Chinese Commerce Ministry confirmed on Tuesday that a meeting would take place between its vice premier and Bessent.

A ministry spokesperson stated that the Chinese government had evaluated the U.S. information and agreed to talks after considering global expectations and domestic interests. “We will not sacrifice our principles or global equity in seeking any agreement,” the spokesperson emphasized.

Many economists have warned that the cost of tariffs would ultimately affect consumers, resulting in higher prices for essentials like automobiles, groceries, and housing. These price increases are placing a strain on U.S. consumers, as many face the worst economic downturn since the COVID-19 pandemic.

Wendy Cutler, a former U.S. trade official and current vice president of the Asia Society Policy Institute, remarked that the upcoming meeting represents a significant opportunity. “It’s important for initial talks on unwinding tariffs, mapping a path forward, and addressing concerns,” Cutler said, adding that quick results are not anticipated.

In Switzerland, Bessent and Greer also plan to meet with Swiss President Karin Keller-Sutter, as indicated by their respective offices. Greer mentioned having communicated with his Chinese counterpart for over an hour before the trade war began, describing the conversation as constructive. Additionally, Bessent spoke with Chinese Vice Premier He Lifeng in February to discuss the bilateral economic relationship.