U.S. Treasury Secretary to Meet Chinese Officials for Trade Talks in Switzerland

GENEVA, Switzerland — U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet with China‘s top economic official this weekend to discuss potential resolutions to the escalating trade conflict between the two nations.

The planned talks, first announced by Washington on Tuesday, are expected to address tariffs that have surged beyond 100% on various imported goods. Bessent described the situation as akin to a trade embargo, with severe implications for global supply chains and economic growth.

Following the announcement of the meeting, U.S. equity futures rose, while Asian markets, including those in China and Hong Kong, also experienced gains. These talks mark the first engagement between senior officials from both countries since U.S. Senator Steve Daines met with Chinese Premier Li Qiang in March.

Bessent indicated the focus of the discussions will be on de-escalating ongoing tensions. “We’ve got to de-escalate before we can move forward,” he told Fox News. A Chinese commerce ministry spokesperson confirmed that China is prepared to engage in talks, emphasizing their willingness to consider U.S. industry and consumer requests.

China has generally maintained a firm stance, indicating it would not negotiate while U.S. tariffs remained in place. However, a recent statement from China’s commerce ministry suggested they are evaluating the offer for discussions, which included signals of negotiation flexibility.

The stakes are particularly high for China’s economy, as these tariffs have already begun to impact growth projections and job security, with estimates suggesting up to 16 million jobs could be at risk due to the trade war. China’s central bank responded with plans to cut interest rates and inject liquidity into the financial system.

Despite the optimism surrounding the upcoming talks, it remains uncertain how significant progress can be made regarding tariff reductions. “The key is whether both sides can agree on the extent and scope of tariff rollbacks,” said Bo Zhengyuan, a partner at a Shanghai-based consultancy.

Both Bessent and Greer are set to meet Swiss President Karin Keller-Sutter during their visit, where ongoing efforts to negotiate a fair trade balance will be a central theme. “Economic security is national security,” Bessent stated, highlighting the administration’s commitment to rebalancing economic interests globally.

As they prepare for the talks, mixed signals have emerged from the U.S. trade team regarding potential agreements with other nations, emphasizing the complex nature of international trade relations.