US, China to hold talks in Switzerland amid Trump’s trade war | Donald Trump

US Treasury Secretary Scott Bessent says Washington doesn’t want to decouple from China however desires ‘truthful commerce’.

The USA and China will maintain commerce talks in Switzerland this week, officers have mentioned, because the world’s two largest economies search to de-escalate tensions which have led to a de facto mutual commerce embargo.

The talks could be the primary official engagement between Washington and Beijing on commerce since US President Donald Trump slapped a 145 p.c tariff on Chinese language items, prompting a retaliatory 125 p.c obligation from China.

US Secretary of the Treasury Scott Bessent and US Commerce Consultant Jamieson Greer will attend the talks for the US facet, their places of work mentioned in a press release on Tuesday.

Chinese language Vice Premier He Lifeng will symbolize Beijing, China’s Ministry of International Affairs mentioned in a press release.

Companies and traders have been anxiously ready for indicators of a thaw in US-China tensions amid fears a protracted commerce battle may trigger critical injury to the worldwide economic system.

The Worldwide Financial Fund final month lowered its world progress forecast for 2025 from 3.3 p.c to 2.8 p.c amid Trump’s commerce salvoes.

Economists have more and more warned of the potential for the US economic system tipping right into a recession this yr, with JP Morgan Analysis placing the chance at 60 p.c.

The US economic system shrank 0.3 p.c within the first quarter – a interval earlier than most of Trump’s tariffs got here into impact – the primary decline since early 2022.

In an interview with Fox Information after the talks have been introduced, Bessent mentioned the 2 sides had a “shared curiosity” in talks as the present ranges of tariffs have been unsustainable.

“We don’t need to decouple. What we wish is truthful commerce,” Bessent instructed Fox Information host Laura Ingraham.

Bessent mentioned he anticipated the preliminary talks to deal with “de-escalation,” reasonably than a “huge commerce deal”.

“We’ve received to de-escalate earlier than we are able to transfer ahead,” he mentioned.

China’s Ministry of Commerce mentioned on Wednesday that the talks ought to proceed on the “foundation of mutual respect, equality, session, and mutual profit”.

“As a Chinese language saying goes, ‘Take heed to their phrases and observe their actions,’” a ministry spokesperson mentioned.

“If the US needs to resolve points via negotiation, it should acknowledge the extreme destructive impacts its unilateral tariff measures have had on itself and the world,” the spokesperson mentioned, including that the US ought to “respect worldwide financial and commerce guidelines and the voices of equity and cause from varied sectors” and “right its wrongful actions.”