US And China Set Up First Talks Since Trump's Tariffs Mayhem, Signal Possible Truce In Trade War

American and Chinese representatives will convene in Switzerland this weekend for discussions intended to alleviate their intensifying trade conflict, as stated officially.

These discussions represent the initial official meeting since U.S. President Donald Trump announced extensive tariffs on April 2, which prompted several countermeasures from Beijing and led to a downturn in worldwide markets.

In the wake of intense verbal exchanges over recent weeks followed by a recent move towards softer tones, this meeting signals strongly that each party might be ready for an agreement aimed at reducing tariffs and reinstating trade equilibrium.

The S&P 500 futures climbed approximately 0.9%, and stock markets in Japan and Australia showed slight gains as well.

As stated by representatives from both Washington and Beijing, U.S. Treasury Secretary Scott Bessent along with U.S. Trade Representative Jamieson Greer are scheduled to meet with China’s leading economist He Lifeng in Geneva between May 9 and May 12.

The two sides are expected to discuss eliminating duties on specific products, U.S. policies on de minimis, and the U.S. export control list, according to a Reuters report , citing two anonymous sources who were privy to the planning.

Following Trump's tariff announcements, the U.S. has raised taxes on Chinese products to 145%, with China responding by imposing a 125% duty on American goods, rendering trade between them essentially non-viable.

Trump has paused certain tariffs until July and has also exempted some goods, such as smartphones and semiconductors, from the additional duties.

In recent weeks, Trump's team engaged with several nations to strike trade deals, with efforts reportedly in the late stages with some Southeast Asian countries.

Nevertheless, talks with China might not be straightforward.

A statement issued by China’s Ministry of Commerce stated: “Should the U.S. seek resolution via dialogue, it needs to confront the significant adverse effects caused by its one-sided tariffs on both itself and global markets. The acknowledgment should extend to abiding by international economic and trade regulations, equity, righteousness, as well as the sensible opinions voiced across different industries. It is crucial for them to show earnestness during talks, rectify their mistakes, and collaborate with China towards addressing shared grievances through equitable discussions.”

The meetings will be the first since U.S. Senator Steve Daines met Premier Li Qiang in Beijing in March.

For updates and corrections, email newsroom[at]News in A Day[dot]com.