Senior U.S. and Chinese officials will meet in Switzerland this weekend to hold what appears to be their first formal talks on trade matters since the two sides each imposed prohibitive tariffs on imports from the other.
The U.S. currently maintains a 125 percent “reciprocal” tariff on most imports from China, along with a 20 percent tariff imposed on all goods from China in response to concerns about shipments of fentanyl and its components. China has retaliated with a 125 percent tariff on imports of U.S. goods.
After weeks of dueling claims about whether or not the two sides were holding talks on bringing down these tariffs, official sources announced May 6 that U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent will meet with Chinese Vice Premier He Lifeng in Switzerland. However, both sides appeared to downplay the meeting, noting it only briefly in the context of press releases about discussions to be held with Swiss leaders.
That could be because, while the meeting itself is notable, both sides indicated that it is only a first step toward possible resolution of a bilateral trade war that has escalated rapidly in recent months. “My sense is that this will be about de-escalation” from current tariff levels and other trade restrictive measures, press sources quoted Bessent as saying, which are “the equivalent of an embargo” on two-way trade. This is necessary “before we can move” toward negotiations on a “big trade deal,” he said. China’s Commerce Ministry released a statement appearing to agree, asserting that “if the U.S. side wants to resolve issues through dialogue, it must face the negative impact of its unilateral tariffs … correct its wrong practices, and meet China halfway.”
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