The United States Treasury secretary and the country's top trade negotiator have begun discussions with senior Chinese officials in Switzerland, seeking to ease tensions in a dispute that threatens to halt trade between the world's two leading economies and damage the global economy.
US Treasury Secretary Scott Bessent and US Trade Representative Jamison Greer began meetings in Geneva with a Chinese delegation led by Vice Premier He Lifeng, Xinhua reported.
Diplomats from both sides confirmed the start of talks, but the exact location of the summit remains unknown.
The prospects for a major breakthrough appear uncertain. However, there is hope that both countries will be able to reduce the steep tariffs they have imposed on each other’s goods – a move that would provide relief to financial markets and companies on both sides of the Pacific that rely on U.S.-China trade.
Last month, US President Donald Trump increased tariffs on Chinese goods to 145%, to which China responded by imposing a 125% tariff on US imports.
Such high tariffs amount to a virtual boycott of each other's goods, hurting trade, which was worth more than $660bn (£497bn) last year.
Before the talks began on Friday, Trump suggested the U.S. could reduce tariffs on China, saying in a post on Truth Social that “80% tariff seems reasonable! Up to Scott.”
Sun Yun, director of the China program at the Stimson Center, noted that this would be the first meeting between He and Bessent. She expressed doubt that the Geneva meeting would produce any significant results.
“The best-case scenario would be if both sides agreed to de-escalate… tariffs at the same time,” she said, adding that even a small reduction could send a positive signal.
“These can't just be words.”
Sourse: breakingnews.ie
