Top US trade officials will engage in discussions with their Chinese counterparts later this week in Switzerland, as confirmed by the White House. This marks the first in-person meeting between senior representatives of the two countries since the escalation of a trade war earlier this year.
US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will participate in talks with a Chinese delegation that includes Vice-Premier He Lifeng. These discussions come several months after US President Donald Trump announced sweeping tariffs on April 2, which significantly impacted China's economy.
Currently, the US is imposing tariffs of 145% on Chinese goods, while China's counter-tariffs are set at 125%. Both nations, however, have granted exemptions to mitigate the adverse effects of these tariffs. Despite these exemptions, trade between the two largest economies in the world has notably declined.
Economic forecasts have suggested a potential recession in the US, while China's factory activity contracted in April, reaching its lowest level since December 2023.
Commenting on the upcoming talks in Switzerland, Bessent indicated that they might represent a shift in approach. He stated, "My sense is that this will be about de-escalation, not about the big trade deal…but we've got to de-escalate before we can move forward," during an interview with Fox News.
In response to Washington's outreach, Beijing confirmed its participation in the discussions. A spokesperson for the Chinese Commerce Ministry emphasized that China would not "sacrifice its principles or global equity or justice in seeking any agreement."
Wendy Cutler, a former US trade official and current vice president of the Asia Society Policy Institute, expressed support for the meetings. She noted, "As the first face-to-face meeting between senior US and Chinese officials since Trump's inauguration, it's an important opportunity to have initial talks on unwinding some tariffs, mapping out a path forward, as well as raising concerns." Cutler also cautioned that "we should not expect any quick victories — this will be a process that will take time."
