US, China to hold icebreaker trade talks
WASHINGTON/BEIJING — US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China’s economic tsar He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war disrupting the global economy.
News of the meeting announced by Washington late Tuesday, and later confirmed by Beijing, sent US equity index futures higher, bringing relief to markets roiled by US President Donald Trump’s barrage of tariffs.
China and Hong Kong stocks also opened up as Asian trading began on Wednesday.
The meeting with China’s vice premier comes after months of escalating tensions that have seen duties on trade between the world’s two largest economies soar well beyond 100 percent.
The two sides are expected to discuss the reductions of the broader tariffs, two sources familiar with the planning told Reuters. The negotiating teams are also expected to discuss eliminating duties on specific products, US policies on de minimis and the U.S. export control list, sources said.
China’s State Council did not immediately reply to a faxed request for comment.
Cat and mouse
Washington and Beijing have been locked in a cat-and-mouse game over tariffs, with each side unwilling to be seen to back down in a trade war that has sent shock waves through global markets and upended supply chains.
The US Trade Representative’s office and Treasury said Greer and Bessent would travel together to Geneva on Thursday and would also meet with Swiss President Karin Keller-Sutter to discuss negotiations over reciprocal trade.
“My sense is this will be about de-escalation,” Bessent told Fox News Channel’s “The Ingraham Angle” after the announcement. “We’ve got to de-escalate before we can move forward.”
After the US announcement, a Chinese commerce ministry spokesperson confirmed that China had agreed to meet the US envoys.
“On the basis of fully considering global expectations, China’s interests, and the appeals of US industry and consumers, China has decided to re-engage the US,” the Chinese statement said.
“There is an old Chinese saying: Listen to what is said, and watch what is done. … If (the US) says one thing but then does another, or attempts to use talks as a cover to continue coercion and blackmail, China will never agree.”
This is the first meeting between senior Chinese and American officials since US Senator Steve Daines met Premier Li Qiang in Beijing in March.
