American and Chinese officials will hold trade talks in Geneva, Switzerland, next Saturday, in the first formal negotiations between both countries since the US President, Donald Trump, imposed sweeping tariffs on imports.
The US Treasury Secretary, Scott Bessent, as well as Trade Representative, Jamieson Greer, will meet with the Chinese Premier, He Lifeng, in Switzerland, the US Treasury Department said in a statement.
In response, China’s Commerce Ministry confirmed the meeting. “China has carefully evaluated the information from the US side. On the basis of fully considering global expectations, China’s interests, and the calls of the US industry and consumers, China has decided to agree to engage with the US,” a ministry spokesperson said.
On April 2, Trump sparked a trade war by announcing stiff tariffs on all imports to the US, with China taking the hardest blow as the world’s biggest exporter and second largest economy. This move has prompted retaliation from Beijing, and further responses from Trump.
The two countries engaged in a tit-for-tat tariff spree, with the US tariffs against China reaching 145%, while Beijing’s tariffs against Washington stand at 125%, according to the Associated Press (AP).
Speaking to Fox News, Bessent described the current duties as “the equivalent of an embargo,” adding that this situation is not sustainable. “We don’t want to decouple. What we want is fair trade,” he said.
“My sense is this will be about de-escalation. We’ve got to de-escalate before we can move forward,” the US Treasury Secretary said on Tuesday.
The US-China talks are expected to tackle broader tariff reductions, duties on specific products, export controls, and Trump’s decision to remove de minimis exemptions on low-value imports, Reuters reported citing sources familiar with the matter.
