Plenty has been ensuing between China and the US since February, as the US President imposed tariffs on China phase by phase. Starting with a 10 per cent tariff on steel and aluminium, the US tariffs for importing goods from China eventually range between 145 per cent and 245 per cent, leading to an unavoidable trade war impacting the entire global economy. Sensing the heat on both sides of the table, the nations have finally decided to talk it out!
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In what could be a pivotal ice-breaker moment, US Treasury Secretary Scott Bessent and top trade envoy Jamieson Greer are set to meet China’s economic czar, He Lifeng, in Switzerland this weekend. The high-stakes talks come as tensions between the world’s two largest economies spiral into what Bessent bluntly called ‘the equivalent of a trade embargo’.
Washington’s announcement of the Geneva meeting late Tuesday triggered a rally in US equity futures, with stock markets in China and Hong Kong swiftly following suit.
Tariffs between the US and China have soared well over 100 per cent in recent weeks, roiling global markets and leaving supply chains in tatters. President Trump’s sweeping tariff blitz last month, which targeted dozens of countries, has only added fuel to the fire.
Two insiders familiar with the discussions said the Geneva summit will likely centre around scaling back broad-based tariffs. Specific items on the agenda include product-level duties, export controls, and Trump’s decision to end de minimis exemptions on low-value imports.
“My sense is this will be about de-escalation,” Bessent told Fox News. “We’ve got to de-escalate before we can move forward.”
China keeps mum
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