US and China to hold pivotal trade talks in Switzerland
US Treasury Secretary Scott Bessent announced on Tuesday that the first talks between the US and China since the start of the trade war will take place in Switzerland on Saturday.
Bessent mentioned the meeting during an interview with Fox News on Tuesday.
"The world has been coming to the US, and China has been the missing piece. I was going to be in Switzerland to negotiate with the Swiss. Turns out the Chinese team is traveling through Europe, and they will be in Switzerland also. So we will meet on Saturday and Sunday, and we have shared interestsy," said Bessent.
He stated that both sides have a common interest in lowering tariffs, as the current levels—145% on Chinese goods and 125% on US goods—are akin to an embargo.
He emphasized that the goal is not to sever economic ties with China, but rather to ensure that trade between the two countries is conducted on fair terms.
Bessent did not rule out temporarily lifting tariffs on Chinese goods during the talks, adding that "everything is on the table."
The Chinese Ministry of Foreign Affairs also confirmed plans to hold talks. It was announced that Vice Premier for Economic Policy He Lifeng will represent the People's Republic of China. Alongside Bessent, the US will also be represented by US Trade Representative Jamieson Greer.
Mutual tariffs imposed on China
The talks in Switzerland will be the first since Donald Trump's imposition of so-called "reciprocal tariffs" on China, which subsequently led to tit-for-tat measures in the trade war, raising tariffs to their current levels.
Although Trump claimed that negotiations with Beijing were already underway and that China wants to reach an agreement, Bessent admitted there had been no contact between the two countries on the matter so far. Trump has repeatedly signalled that he wants to de-escalate tensions with China, though he claimed Beijing must make the first move.
