The United States Treasury Secretary, Scott Bessent, and U.S. Trade Representative Jamieson Greer are set to travel to Switzerland for face-to-face meetings with top Chinese economic officials on Saturday. This marks the first official contact between the two sides since the outbreak of the current U.S.-China trade war and is seen by observers as an important step to alleviate tensions and create an opportunity for negotiations.
According to statements released by the U.S. Treasury Department and the Office of the Trade Representative, Bessent and Greer will embark on their journey to Geneva on Thursday, May 8th. During the trip, they will also meet with Swiss President Karin Keller-Sutter to discuss reciprocal trade issues.
Furthermore, Greer will also meet with staff from the U.S. delegation to the World Trade Organization (WTO).
Bessent stated in a Treasury Department release, “Economic security is national security, and President Trump is leading efforts to make America stronger and more prosperous.” He added, “I look forward to this meeting producing results as we work to rebalance the international economic system to better serve U.S. interests.”
The Chinese Ministry of Foreign Affairs has confirmed that during the visit to Switzerland, the leading figure on the Chinese side will be Vice Premier of the State Council He Lifeng, who is also a member of the Central Political Bureau of the Communist Party of China. Earlier, the Chinese Ministry of Commerce announced that they will be reestablishing contact with the U.S. side.
On Tuesday, President Trump mentioned at the White House that the Chinese government is willing to engage in talks with the U.S. because the Chinese economy is under significant pressure due to U.S. tariffs. “They want to talk, they want to make a deal because their economy is hurt very badly by what we’ve done to them with tariffs,” Trump said during a meeting with Canadian Prime Minister Mark Carney. “They’re paying a big price. Their economy is taking a big hit because they can’t do business with us.”
Currently, the U.S. imposes tariffs as high as 145% on many Chinese imported goods. The White House has indicated that for certain products like electric cars and syringes, the actual tariff rates can reach as high as 245% due to the combination of fentanyl-related retaliatory tariffs and multiple tariffs imposed under Section 301. China has also raised its average tariffs on U.S. goods from 84% to 125%.
Bessent previously expressed that such high tariff rates are unsustainable and likened it to a “de facto trade embargo” between the world’s two largest economies.
With the news of the upcoming talks released, U.S. stock futures surged on Tuesday, reflecting the market’s expectation for a potential easing of trade tensions. S&P 500 and Nasdaq futures both rose around 1%, indicating traders anticipate a positive opening on Wall Street on Wednesday.
Since President Trump announced his global tariff policy on April 2nd, U.S. stocks have been fluctuating. The S&P 500 index fell nearly 15% at one point, then gradually stabilized and briefly rebounded to pre-trade war levels.
Despite the confirmed meeting arrangements, the U.S. government does not seem to define this meeting as the formal start of negotiations. Following the announcement of the meeting, Bessent emphasized in an interview with Fox News that the purpose of this meeting is to “de-escalate” and create conditions for future economic discussions.
“I think the purpose of this meeting is to de-escalate,” Bessent said. “We need to de-escalate first in order to move forward.”