Treasury Division Secretary Scott Bessent and U.S. Commerce Consultant Jamieson Greer will meet with their Chinese language counterparts in Switzerland this week to debate commerce amid a standoff between the world’s two largest economies.
Bessent will journey to Switzerland on Thursday, his workplace introduced, the place he’ll meet with the Swiss president. He may also meet with a high financial official from China, his workplace mentioned.
“I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the United States,” Bessent mentioned in a press release.
On the similar time, Greer’s workplace introduced he would head to Switzerland this week to satisfy with workers on the World Commerce Group and the Swiss president. Greer may also meet along with his counterpart from Beijing in Geneva to debate commerce.
The conferences symbolize the primary public disclosure of conversations between Washington and Beijing as the 2 nations have imposed tariffs on one another as a part of a rising commerce conflict.
Bessent earlier Tuesday clarified that there have been no ongoing talks with China a couple of commerce deal after administration officers, together with President Trump in latest weeks, prompt some interactions with Beijing had been happening.
The Trump administration in April imposed sweeping “reciprocal” tariffs on dozens of nations, together with China, Japan, South Korea, India, the European Union and Thailand.
Trump later introduced a 90-day window through which these tariffs could be lowered to 10 p.c, although he didn’t decrease tariffs on China. As a substitute, he elevated them to 125 p.c, on high of a 20 p.c tariff already in place over fentanyl manufacturing.
Beijing responded with retaliatory tariffs on U.S. imports, sparking fears of a commerce conflict that would drive up costs for shoppers.
The U.S. has been negotiating potential commerce offers with different nations, similar to South Korea, Japan and the UK, although Trump indicated earlier Tuesday that they might not take a conventional kind when finalized.
