US and Chinese officials are preparing for talks this week aimed at reducing tensions in an escalating trade war between the world’s two largest economies.
Chinese Vice Premier He Lifeng will participate in discussions in Switzerland from May 9-12, according to China’s Ministry of Foreign Affairs. Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will lead the US delegation.
Since President Donald Trump’s return to office, his administration has imposed tariffs up to 145% on Chinese imports. Beijing has responded with retaliatory duties of up to 125% on certain US goods.
Global trade experts caution that negotiations could extend for several months. This meeting represents the first high-level engagement between the two nations since Chinese Vice-President Han Zheng attended Trump’s January inauguration.
Treasury Secretary Bessent expressed optimism about rebalancing the international economic system to better serve American interests. “My sense is that this will be about de-escalation, not about the big trade deal, but we’ve got to de-escalate before we can move forward,” he told Fox News.
A Chinese commerce ministry spokesperson responded Wednesday: “If the United States wants to resolve the issue through negotiations, it must face up to the serious negative impact of unilateral tariff measures on itself and the world.”
Chinese state media reported that Beijing agreed to engage after considering global expectations, national interests, and appeals from American businesses. The report emphasized that while China remains open to dialogue, it is prepared to “fight to the end” if necessary.
The trade tensions have disrupted financial markets and sent ripples through global trade networks.
Trade experts expressed limited optimism about immediate outcomes. “You have to start somewhere, so I’m not saying it isn’t worthwhile. Just unlikely to be the launch event people are hoping to see,” said Deborah Elms, Head of Trade Policy at the Hinrich Foundation.
Henry Gao, Professor of Law at Singapore Management University and former Chinese lawyer on the World Trade Organization secretariat, added: “We should expect to see a lot of back and forth, just like what happened last time in 2018. I would expect the talks to drag on for several months or even more than a year.”
Financial markets in mainland China and Hong Kong rose on Wednesday as investors reacted to the news and additional announcements of economic support measures by Chinese authorities. US stock futures also showed gains, while investors await the US Federal Reserve’s latest interest rate decision Wednesday afternoon.
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