In a breakthrough in the ongoing trade war, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet top Chinese officials in Geneva, Switzerland, over the weekend. Their offices confirmed the meetings on Tuesday and stated that the talks will take place on Saturday and Sunday, and will discuss economic and trade matters.
China will be represented by Vice Premier He Lifeng, who oversees China’s economic and trade policy with the United States. Bessent described the talks as an opportunity to talk about “de-escalation” and repeated that the U.S. does not seek to decouple from China but to get to “fair trade.”
Tariffs reach breaking point
The talks are coming at a delicate time. President Donald Trump slapped tariffs on Chinese imports at a record 145% last month, easing trade terms with a number of other nations. China retaliated with steep tariffs of its own on U.S. goods, ratcheting up the conflict between the world’s two largest economies.
Bessent, on Fox News’ Ingraham Angle, said the current tariff level—some at more than 125%—amounts to an effective embargo. “It’s not sustainable, especially on the Chinese side,” he said. “We don’t want to decouple; what we want is fair trade.”
Focus on de-escalation, not a final deal
While the Geneva talks are a breakthrough, Bessent cautioned they are not aimed at securing a comprehensive trade agreement. “I sense that this will be about de-escalation, not about the big trade deal,” he said. “But we’ve got to de-escalate before we can move forward.”
Greer was also firm, saying he is looking forward to “productive meetings” that will rebalance U.S. trade relationships in a way beneficial to American economic and national security. His office added that he will also meet separately with his Chinese counterpart while in Switzerland.
Trump: “We don’t have to sign deals”
President Trump, speaking Tuesday at the White House alongside Canadian Prime Minister Mark Carney, downplayed expectations for immediate trade agreements. “They want to negotiate, and they want to have a meeting, and we’ll be meeting with them at the right time,” Trump said.
He dismissed fears of pending trade deals, saying the U.S. holds all the cards. “We don’t have to make deals. They have to make deals with us. They want a piece of our market. We don’t want a piece of their market,” Trump said.
Markets react to news of talks
The announcement of the upcoming meetings sparked a Wall Street rally. The stock futures, which had opened lower on Tuesday evening, rallied upon learning of the planned talks, reflecting investors’ expectations that tensions may begin to ease.
In addition to conducting talks with Chinese officials, Bessent and Greer will also conduct talks with Swiss President Karin Keller-Sutter, a reflection of the global significance of the talks.
As both nations show a willingness to discuss, this weekend’s meetings in Geneva can pave the way toward a more predictable U.S.-China trade partnership.
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