U.S. and China take a step toward trade truce with high-level talks in Switzerland
Shreeaa Rathi | TIMESOFINDIA.COM | May 06, 2025, 22:28 IST
( Image credit : AP )
High-ranking officials from the United States and China are gearing up for a critical summit in Switzerland, featuring U.S. representatives Scott Bessent and Jamieson Greer. Their agenda includes vital discussions around economic and trade dynamics following recent tariff escalations. This pivotal meeting seeks to mitigate trade conflicts and has already prompted positive market responses.
In a move that could signal the beginning of a de-escalation in the ongoing U.S.-China trade war, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are set to meet with their Chinese counterparts in Switzerland this weekend. The talks are expected to focus on economic and trade issues and may lay the groundwork for future negotiations between the two global powers.
The meetings, scheduled for both Saturday and Sunday, represent the first significant engagement between Washington and Beijing since President Donald Trump drastically increased tariffs on Chinese imports last month. The tariffs—now as high as 145%—have heightened tensions between the world’s two largest economies, prompting swift retaliation from China.
Speaking on Fox News’ “Ingraham Angle,” Bessent emphasized the urgency of addressing the trade impasse. “We have shared interests,” he said. “This tariff war isn’t sustainable, especially on the Chinese side. A 145 percent tariff is practically an embargo. We don’t want to decouple—we want fair trade.”
While officials have downplayed expectations of a sweeping trade agreement, Bessent suggested the primary goal is to dial down hostilities. “My sense is that this will be about de-escalation, not about the big trade deal,” he told host Laura Ingraham. “But we’ve got to de-escalate before we can move forward.”
Markets reacted swiftly and positively to news of the meetings, with stock futures reversing course and surging higher after the announcement. The response underscores how heavily global investors are weighing the outcomes of U.S.-China relations on economic stability.
During their time in Switzerland, Bessent and Greer are also scheduled to meet with Swiss President Karin Keller-Sutter, according to their offices. Chinese Vice Premier He Lifeng, Beijing’s lead official for U.S.-China economic policy, is expected to represent China in the discussions.
In a public statement, Bessent framed the talks as part of a broader effort to redefine the global economic order. “Economic security is national security, and President Donald J. Trump is leading the way both at home and abroad for a stronger, more prosperous America,” he said. “I look forward to productive talks as we work towards rebalancing the international economic system to better serve the interests of the United States.”
Greer echoed similar sentiments, saying he would meet with his Chinese counterpart in Geneva to advance American trade goals. “At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,” he stated. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”
President Trump, who met earlier in the day with Canadian Prime Minister Mark Carney, confirmed the U.S. was open to discussions with China. “They want to negotiate and they want to have a meeting, and we’ll be meeting with them at the right time,” he said during their joint appearance at the White House. However, Trump voiced irritation at critics pressing for quick trade wins. “Everyone says, ‘When are you going to sign deals?’” he said. “We don’t have to sign deals—they have to sign deals with us. They want a piece of our market. We don’t want a piece of their market.”
Earlier on Tuesday, Bessent informed a House appropriations subcommittee that the U.S. is currently engaged in trade talks with 17 countries, none of which include China. “China, we have not engaged in negotiations with as of yet,” he noted.
The Switzerland meetings mark a cautious but potentially pivotal moment in the Trump administration’s aggressive trade strategy. As tensions cool slightly with the possibility of direct dialogue, the world will be watching closely to see whether these talks signal the beginning of a broader thaw in one of the most consequential economic rivalries of the 21st century.
Would you like a visual infographic summarizing the key figures and outcomes of these trade talks?
The meetings, scheduled for both Saturday and Sunday, represent the first significant engagement between Washington and Beijing since President Donald Trump drastically increased tariffs on Chinese imports last month. The tariffs—now as high as 145%—have heightened tensions between the world’s two largest economies, prompting swift retaliation from China.
Speaking on Fox News’ “Ingraham Angle,” Bessent emphasized the urgency of addressing the trade impasse. “We have shared interests,” he said. “This tariff war isn’t sustainable, especially on the Chinese side. A 145 percent tariff is practically an embargo. We don’t want to decouple—we want fair trade.”
While officials have downplayed expectations of a sweeping trade agreement, Bessent suggested the primary goal is to dial down hostilities. “My sense is that this will be about de-escalation, not about the big trade deal,” he told host Laura Ingraham. “But we’ve got to de-escalate before we can move forward.”
Markets reacted swiftly and positively to news of the meetings, with stock futures reversing course and surging higher after the announcement. The response underscores how heavily global investors are weighing the outcomes of U.S.-China relations on economic stability.
During their time in Switzerland, Bessent and Greer are also scheduled to meet with Swiss President Karin Keller-Sutter, according to their offices. Chinese Vice Premier He Lifeng, Beijing’s lead official for U.S.-China economic policy, is expected to represent China in the discussions.
In a public statement, Bessent framed the talks as part of a broader effort to redefine the global economic order. “Economic security is national security, and President Donald J. Trump is leading the way both at home and abroad for a stronger, more prosperous America,” he said. “I look forward to productive talks as we work towards rebalancing the international economic system to better serve the interests of the United States.”
Greer echoed similar sentiments, saying he would meet with his Chinese counterpart in Geneva to advance American trade goals. “At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,” he stated. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”
President Trump, who met earlier in the day with Canadian Prime Minister Mark Carney, confirmed the U.S. was open to discussions with China. “They want to negotiate and they want to have a meeting, and we’ll be meeting with them at the right time,” he said during their joint appearance at the White House. However, Trump voiced irritation at critics pressing for quick trade wins. “Everyone says, ‘When are you going to sign deals?’” he said. “We don’t have to sign deals—they have to sign deals with us. They want a piece of our market. We don’t want a piece of their market.”
Earlier on Tuesday, Bessent informed a House appropriations subcommittee that the U.S. is currently engaged in trade talks with 17 countries, none of which include China. “China, we have not engaged in negotiations with as of yet,” he noted.
The Switzerland meetings mark a cautious but potentially pivotal moment in the Trump administration’s aggressive trade strategy. As tensions cool slightly with the possibility of direct dialogue, the world will be watching closely to see whether these talks signal the beginning of a broader thaw in one of the most consequential economic rivalries of the 21st century.
Would you like a visual infographic summarizing the key figures and outcomes of these trade talks?