WASHINGTON — High-ranking U.S. officials are scheduled to meet with a top-level Chinese delegation in Switzerland this weekend for the first significant discussions between the two countries since President Trump initiated a trade war by imposing substantial tariffs on imports.
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet with their Chinese counterparts in Geneva. According to an announcement on Tuesday by the Trump administration, these conversations will be the most significant between the two nations in recent months, occurring amidst increasing concern in the U.S. market regarding the impact of the tariffs on consumer goods’ prices and availability.
China, the world’s leading exporter and second-largest economy, has been particularly affected by Trump’s trade war. After Trump announced his “Liberation Day” tariffs on April 2, China responded with its own tariffs, which Trump perceived as disrespectful. Since then, tariffs on goods from both countries have escalated, with U.S. tariffs on Chinese goods now at 145% and Chinese tariffs on U.S. goods at 125%.
Due to the tariff war, American companies have already started to cancel orders from China, delay expansion plans, and reduce operations.
Trump had previously asserted that the U.S. and China were in discussions about lowering tariffs, which Beijing has refuted, stating that Trump must first reduce his high tariffs. Bessent testified before a House committee earlier on Tuesday that the U.S. and China “have not engaged in negotiations,” but that “as early as this week,” the U.S. will announce trade agreements with several of its largest trading partners.
On Tuesday, the Chinese Commerce Ministry confirmed the meeting between its vice premier and Bessent in Switzerland.
A ministry spokesperson stated, “The Chinese side carefully considered the information provided by the U.S. and agreed to engage with the U.S., taking into full account global expectations, Chinese interests, and appeals from U.S. businesses and consumers.”
The spokesperson added that China would not “sacrifice its principles, global equity, or justice in pursuit of any agreement.”
Most economists have suggested that consumers will bear the cost of the tariffs through higher prices for various goods, including cars, groceries, housing, and other items. These rising prices are already impacting U.S. consumers, who are experiencing the most significant economic challenges since the COVID-19 pandemic. Additionally, economists warn of a growing risk of recession.
Wendy Cutler, former U.S. trade official and current vice president of the Asia Society Policy Institute, views the upcoming meeting as a positive step.
Cutler stated, “As the first face-to-face meeting between senior U.S. and Chinese officials since Trump’s inauguration, it presents a crucial opportunity to begin discussions on reducing some tariffs, outlining a future strategy, and addressing concerns. Quick wins should not be expected, as this will be a lengthy process.”
According to statements from their respective offices, Bessent and Greer also plan to meet with Swiss President Karin Keller-Sutter in Switzerland.
Both Greer and Bessent had previously communicated with their counterparts before the trade war began.
Greer mentioned on Fox News Channel last month that he had spoken with his Chinese counterpart for over an hour before the trade war started. He said, “I thought it was constructive,” adding, “This isn’t just a strategy to contain China. It’s a strategy to improve the American economy, increase manufacturing’s contribution to GDP, raise real wages, and produce goods instead of relying on a government-financed economy.”
In February, Bessent spoke with Chinese Vice Premier He Lifeng “to exchange views on the bilateral economic relationship,” according to a Treasury news release.
Associated Press writer Paul Wiseman in Washington contributed to this report.
