Officials representing the Chinese and U.S. governments have agreed to meet in Switzerland to negotiate over tariffs, in hopes of easing the impacts of an ongoing trade war that has strained supply chains and panicked global markets.
The New York Times reports that U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer plan to sit down with their Chinese counterparts over the weekend of May 10-11 during a trip to Geneva. Both sides have claimed that the other has been eager to come to the table, and each has remained steadfast in their assertion that they will not back down in the face of economic pressure. The U.S. currently has 145% tariffs in place against all Chinese imports, while China has 125% levies of its own against all American imports.
In a statement released on May 7, the Chinese government said it made the decision to engage in negotiations "based on a full consideration of global expectations, China's interests and the calls of American industry and consumers." Speaking to Fox News on May 6, Secretary Bessent stressed a need to "de-escalate before we can move forward."
