U.S. and Chinese officials are set to meet in Switzerland later this week, indicating a potential easing of tensions in the ongoing trade war between the two superpowers.
U.S. Secretary of the Treasury Scott K.H. Bessent and U.S. Trade Representative Jamieson Greer will both attend the meetings, which are scheduled for this weekend. The U.S. Treasury Department confirmed that Secretary Bessent will engage with the chief economic representative from China during this trip.
On Fox News, Bessent mentioned that discussions will take place on both Saturday and Sunday. Despite the anticipation surrounding the meeting, both sides have tempered expectations, suggesting that significant breakthroughs may not occur.
Bessent expressed that the focus would likely be on de-escalation rather than a comprehensive trade agreement. He stated, “We need to de-escalate before we can move forward,” indicating a strategic approach to future negotiations.
He noted that President Trump is leveraging “strategic uncertainty” to secure favorable trade deals, highlighting that while many countries are approaching the U.S. for negotiations, China remains a key player yet to finalize a deal.
Bessent emphasized that the existing tariff war is unsustainable, particularly for China, pointing out that extremely high tariffs are equivalent to an embargo. He reiterated the desire for fair trade without a complete decoupling from China.
In recent weeks, both the U.S. and China have engaged in a waiting game, each waiting for the other to initiate contact. A Chinese foreign ministry spokesperson confirmed that China agreed to meet with U.S. representatives, noting that the U.S. had expressed a consistent desire for trade negotiations.
During a press briefing on May 7, spokesperson Lin Jian reiterated that any discussions must be based on mutual respect, equality, and mutual benefit. He firmly opposed the U.S. tariff hikes and stressed that coercive tactics would not be effective, asserting that China would protect its legitimate interests.
This upcoming meeting marks a significant step toward potential negotiations aimed at resolving the ongoing trade dispute. It will be the first in-person meeting of senior representatives from both nations since the trade tensions escalated earlier this year.
The talks follow months of economic turmoil sparked by U.S. tariffs, which notably impacted China. President Trump recently stated he would not reduce tariffs to facilitate trade talks, yet he hinted at a willingness to soften them in the future, indicating that the current rates cannot persist indefinitely.
Trump has also criticized China, claiming its economy is “collapsing.” Despite this, he stated that he is not currently lifting tariffs, emphasizing the need for a fair deal for both parties.
Lin Jian responded to these claims by asserting that external pressures cannot alter China’s strong economic fundamentals, which include resilience and significant potential for growth. He reaffirmed China’s commitment to pursuing high-quality development despite external challenges.
