Senior U.S. economic officials will meet Chinese counterparts in Switzerland this week for the first formal trade discussion between the nations since President Trump sharply raised tariffs on Chinese imports. To ease escalating trade tensions, both sides are seeking a resolution to alleviate the financial strain caused by the ongoing dispute.
Based on statements from the offices of the U.S. trade representative and the Treasury Department, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will engage in discussions with Chinese officials in Geneva to address trade and economic matters.
A spokesperson for China’s Ministry of Foreign Affairs revealed that Vice Premier He Lifeng, responsible for economic policy, would visit Switzerland from Friday to Monday for discussions with Treasury Secretary Scott Bessent. In an interview with Fox News, Bessent confirmed that the talks would take place on Saturday and Sunday.
Since January, the U.S. has imposed tariffs amounting to 145% on Chinese imports, prompting Beijing to retaliate with 125% levies on most American goods. The impact has been felt across both economies, with declining exports and soaring prices adding to financial strain. Meanwhile, uncertainty over the stability of bilateral relations has fueled turmoil in U.S. stock and treasury markets.
Businesses have voiced concerns that steep tariffs imposed by both the U.S. and China have severely disrupted trade, posing a significant risk to American companies.
Speaking before a congressional panel on Tuesday, Bessent stated that he anticipates a considerable decrease in tariffs imposed on the U.S., along with reductions in non-tariff barriers such as currency manipulation and subsidies for labor and capital investment.
As reported by The Wall Street Journal and The New York Times, China is contemplating concessions on fentanyl as an initial step in trade negotiations. Meanwhile, Trump continues to emphasize the crackdown on the illicit opioid, linking a country’s commitment to regulating fentanyl exports and its related precursors to tariff policies.
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