Washington, D.C. — Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are set to meet with their Chinese counterparts in Switzerland this week to discuss critical economic and trade issues, marking a potential turning point in the ongoing trade tensions between the United States and China.
The discussions follow a recent escalation in trade hostilities, which saw President Donald Trump increase tariffs on Chinese imports to an unprecedented 145%. This move came as he reduced reciprocal tariffs on most other nations. In response, China imposed significant tariffs on American goods, further complicating the economic landscape.
Following the announcement of the meetings, stock futures, which initially pointed downward, surged, reflecting investor optimism about a possible resolution. Bessent and Greer are also expected to engage with Swiss President Karin Keller-Sutter during their visit, indicating the strategic importance of these talks beyond just U.S.-China relations.
In a statement, the Treasury Department confirmed that Bessent would meet with He Lifeng, China’s vice premier and the primary figure overseeing economic relations with the U.S. “Economic security is integral to our national security,” Bessent stated, expressing his hopes for fruitful discussions aimed at recalibrating the international economic framework to better serve American interests.
Greer echoed these sentiments, emphasizing the objective of fostering reciprocal trade relations that protect U.S. economic security. “At President Trump’s direction, I am focused on negotiating agreements to rebalance our trade relations and open new markets,” he said, looking forward to fruitful interactions with his counterparts in Geneva.
Simultaneously, President Trump remarked on the negotiations, noting that while China is eager to meet, the timing will be determined by the U.S. “They want to negotiate, and we’ll be meeting with them at the right moment,” Trump said during a separate meeting with Canadian Prime Minister Mark Carney.
Trump also expressed annoyance at the urgency surrounding the signing of trade deals, emphasizing that the onus is on other nations to reach agreements with the U.S. rather than the opposite. “We don’t have to sign deals; they want access to our market,” he asserted, illustrating the administration’s current stance on trade negotiations.
As the meeting approaches, expectations remain high for both parties to find common ground in addressing a trade conflict that has impacted global markets and economies.