US and China, trade talks in Geneva - Meeting between the two superpowers will focus on reducing tariffs
US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic czar and Vice Premier He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war that is roiling the global economy.
News of the meeting, announced by Washington and later confirmed by Beijing, sent US stock index futures higher, bringing relief to markets battered by US President Donald Trump's barrage of tariffs. The meeting with China's vice premier comes after months of escalating tensions that have seen tariffs between the world's two largest economies surge past 100%.
The two sides are expected to discuss reducing overall tariffs and eliminating measures on specific products, U.S. policies on the “de minimis” rule and the U.S. export control list. The U.S. Trade Representative’s office and the Treasury said Greer and Bessent will travel together to Geneva on Thursday and will also meet with Swiss President Karin Keller-Sutter to discuss bilateral trade negotiations.
This is the first meeting between senior Chinese and American officials since US Senator Steve Daines met with Premier Li Qiang in Beijing in March. China has largely maintained its rhetoric as tensions have escalated in recent weeks, stressing that it will "never bow down" to Trump's additional 145% tariffs.
Economists have predicted that Trump's tariffs on China and dozens of other countries could significantly reduce global growth, with Japanese investment bank Nomura warning last week that it could cost China up to 16 million jobs. Trump and his trade team have sent mixed signals about progress in talks with major trading partners, who are rushing to strengthen deals with Washington and avoid imposing high import taxes on their goods.
Bessent told lawmakers earlier in the day that the Trump administration was negotiating with 17 major trading partners, but not yet with China, and could announce trade deals with some of them this week.
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