USA and China to hold pivotal trade talks in Switzerland

What do you need to know?

• On Saturday in Switzerland, the first talks between the USA and China will take place since the trade war began.
• The U.S. Treasury Secretary announced the meeting during an interview on Tuesday with Fox News.
• Bessent did not dismiss the possibility of temporarily suspending tariffs on Chinese goods during the talks.

"Thanks to POTUS, the world has been coming to the US, and China has been the missing piece - we will meet on Saturday and Sunday to discuss our shared interests. The current tariffs and trade barriers are unsustainable, but we don’t want to decouple. What we want is fair trade," Bessent wrote on X.

He mentioned that both parties have a shared interest in reducing tariffs since the current levels—145% on Chinese goods and 125% on American goods—are comparable to an embargo.

"We don't want to decouple. What we want is fair trade," he said.

Bessent did not rule out a temporary suspension of tariffs on Chinese goods for the duration of the talks, noting that "everything is on the table."

The plan to initiate discussions was also confirmed by the Chinese Ministry of Foreign Affairs. It was announced that China's delegation will be headed by Vice Premier of Economic Policy He Lifeng. On the American side, aside from Bessent, U.S. Trade Representative Jamieson Greer will also be present.

The talks in Switzerland will be the first since the introduction of the so-called "reciprocal tariffs" on China by Donald Trump, which subsequently led to a series of exchanges in the trade war and the escalation of tariffs to their current levels.

Although Trump claimed that earlier negotiations with Beijing had taken place and that China is interested in reaching an agreement, Bessent acknowledged that there had been no contact between the two countries on this matter so far. Trump has consistently indicated a desire to ease tensions with China, though he insists that Beijing must take the initial step.