This week, U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to confer with their Chinese counterparts in Switzerland, according to announcements made by their respective offices on Tuesday.
The anticipated meetings signal a significant move towards initiating discussions aimed at addressing the ongoing trade tensions between Washington and Beijing, a situation that has escalated since President Donald Trump took office.
In a recent escalation of trade measures, Trump raised tariffs on imported goods from China to 145%, while simultaneously reducing reciprocal tariffs for nearly all other U.S. trading partners. This has prompted China to respond with punitive tariffs on U.S. products, worsening the trade conflict.
Following the announcement of the upcoming discussions, stock futures, which were initially trading lower, surged significantly, indicating market optimism regarding a potential resolution.
During their visit, both Bessent and Greer are scheduled to meet with Swiss President Karin Keller-Sutter, as confirmed by their offices.
The Treasury Department detailed that Bessent would also engage with the main economic representative from the People’s Republic of China during their time in Switzerland.
Furthermore, the Chinese Foreign Ministry confirmed that Vice Premier He Lifeng, Beijing’s lead official for U.S.-China economic and trade relations, is slated to meet with Bessent in Switzerland, as reported by NBC News.
Bessent emphasized the connection between economic security and national security, stating, “President Donald J. Trump is leading the way both at home and abroad for a stronger, more prosperous America.” He expressed his anticipation for “productive talks” aimed at rebalancing the international economic framework to better align with U.S. interests.
Greer also outlined his agenda, stating that he would engage with his Chinese counterpart to discuss trade issues while in Geneva. He affirmed, “At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security.”
Greer added, “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”
Earlier on Tuesday, Trump remarked that China was eager to engage in talks, asserting that the U.S. would meet them “at the right time.” He made these comments during a meeting with Canadian Prime Minister Mark Carney at the White House.
Expressing his irritation with constant inquiries about the signing of trade deals, Trump said, “Everyone says, ‘When, when, when are you going to sign deals?'” He noted that while other nations were requesting bilateral trade discussions, the U.S. was in a position of strength, stating, “We don’t have to sign deals; they have to sign deals with us. They want a piece of our market. We don’t want a piece of their market.”
Bessent revealed earlier on Tuesday that the U.S. is currently negotiating with 17 trading partners, excluding China, stating, “China, we have not engaged in negotiations with as of yet,” during remarks before a House appropriations subcommittee.
— Finance Newso’s Erin Doherty contributed to this report.
