US‑China trade dialogue set to ease tensions in Switzerland
Trade talks between the US and China are scheduled for the 10th and 11th of May in Switzerland. The meetings will be attended by, among others, Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Greer.
According to "Parkiet," the aim of the bilateral talks is to de-escalate trade tensions, rather than to conclude a new agreement between the countries.
The Chinese Ministry of Commerce has informed that the agreement to hold talks came at the Americans' request. "If the US wishes to resolve issues through negotiation, it must acknowledge the severe negative impacts its unilateral tariff measures have had on itself and the world," the Chinese authorities stated in an official communiqué.
Donald Trump's trade war
Let us recall that US tariffs on imports from China currently stand at 145%, while Chinese retaliatory tariffs are at 125%. However, both countries have introduced exceptions to mitigate the impact on their economies. The US has exempted smartphones from tariffs, and China has exempted selected pharmaceuticals and microchips. The World Trade Organization estimates that Chinese exports to the US could fall by 77% if the tariffs remain in force.
As early as the first half of April, Beijing stated its readiness to negotiate with the United States on tariffs, emphasizing that such dialogue must be conducted based on principles of mutual respect and equality.
