By Saleha Mohsin and Catherine Lucey
US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel later this week to Switzerland for trade talks with China led by Vice Premier He Lifeng, jump-starting negotiations between the two nations.
The travel was announced in statements Tuesday from the Chinese and US governments. It will be the first confirmed trade talks between the countries since President Donald Trump announced sweeping tariffs, led by punishing levies on China.
The planned talks could buoy investors eager to see a reduction in tariffs that risk crippling trade between the world’s two largest economies. Trump placed duties as high as 145% on many Chinese imports, and Beijing retaliated with import taxes of 125% on American goods.
The moves rattled markets and threaten to drive up prices for manufacturing equipment as well as affordable goods that many Americans rely on, including clothing and toys.
Trump has said in recent days that he is willing to lower tariffs on China at some point, but also said this week that the US is “losing nothing” by not trading with Beijing. He claimed Chinese ships are “turning around in the Pacific Ocean.” The president has also said American consumers would be willing to accept higher prices and less selection in order to rebalance the trade relationship with China.
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