Michelle ThompsonUS and Chinese officials are preparing to meet this week in Switzerland to ease tensions from their ongoing trade war, which has strained global markets and economic ties.
Chinese Vice Premier He Lifeng will lead Beijing’s delegation from 9 to 12 May, according to China’s Foreign Ministry. Representing the US will be Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer.
Since President Donald Trump’s return to office, Washington has raised tariffs on Chinese imports by up to 145%, with Beijing responding by imposing tariffs of up to 125% on American products.
While this marks the first high-level dialogue since Chinese Vice-President Han Zheng attended Trump’s January inauguration, analysts say meaningful progress may take months.
Bessent emphasized that the talks aim to ease tensions rather than finalize a comprehensive agreement, noting the need to first stabilize the situation. Meanwhile, a Chinese commerce ministry spokesperson stressed that the US must acknowledge the damage its tariffs have caused.
China’s decision to join the talks reflects a mix of internal interests, global expectations, and lobbying by American businesses. However, Chinese state media warned that while Beijing prefers dialogue, it remains prepared to persist in the trade conflict if necessary.
Experts expressed skepticism about a swift breakthrough, comparing the process to the prolonged negotiations of 2018.
Despite uncertainty, financial markets in China and Hong Kong rose, and US stock futures also climbed ahead of a key interest rate announcement by the US Federal Reserve.
