High-level trade officials from the U.S. and China are scheduled to meet in Switzerland this weekend, marking the first formal engagement on trade since both countries levied steep tariffs on each other’s imports.
The U.S. currently enforces a 125% reciprocal tariff on most Chinese imports, alongside a blanket 20% tariff targeting Chinese goods over concerns related to fentanyl-related shipments. In response, China has implemented a 125% tariff on U.S. goods, intensifying what many now regard as a deepening trade conflict.
Following weeks of conflicting reports on whether tariff reduction talks were underway, U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent will now meet with Chinese Vice Premier He Lifeng. The meeting has been formally confirmed but downplayed by both sides, with only brief references made in broader press statements about unrelated meetings with Swiss leaders.
While modest in scope, the talks are being viewed as a critical first step toward easing tensions. “This will be about de-escalation,” said Bessent, noting that current tariff levels are effectively “the equivalent of an embargo” on bilateral trade. He emphasized that lowering these trade barriers is a necessary precursor to any broader trade agreement.
Echoing that sentiment, China’s Commerce Ministry stated that meaningful progress would require the U.S. to acknowledge the negative impact of its unilateral tariffs, rectify existing policies, and engage in constructive dialogue aimed at compromise.
