US Treasury Secretary Scott Beesen and chief trade negotiator Jameson Jarir, the Chinese Economic Caesar who was in life in Switzerland, will meet this week to hold talks that might be the first step towards resolving the trade war that disrupts the global economy.
The news of the Geneva meeting, the plan, announced by Washington late on Tuesday, sent the future of the stock index to the top. The stock markets in China and Hong Kong followed their example during Asian trading on Wednesday.
The talks come after weeks of escalating tensions that have witnessed duties on goods imports between the two largest economies in the world exceeding 100 percent, which increases what Bessent described on Tuesday as the equivalent of the commercial blockade.
The dilemma, along with US President Donald Trump’s decision last month to slap sweeping duties over dozens of other countries, led to an increase in supply chains and financial markets, and beaten fears of acute stagnation in global growth.
Two sources are aware of the planning that the negotiation teams held in Switzerland, known for their neutrality, are expected to discuss the discounts to the broader definitions. One of the sources added that the talks should also cover duties on specific products, export controls and Trump decision to end the minimum exemptions on low -value imports.
The State Council in China did not immediately respond to a fax request for suspension.
“My feeling is that this will be about the de -escalation,” Bessent told Fox News after the announcement. “We have to get rid of the escalation before we can move forward.”
A spokesman for the Chinese Ministry of Commerce later confirmed that China agreed to meet the American envoys.
“On the basis of full consideration of global expectations, the interests of China, the calls of American industry and the consumers, China has decided to re -engage the United States,” the spokesman, citing an example of procedures that speak higher than words.
This is the first meeting between senior Chinese and American officials since American Senator Steve Denz met with Lee Qiang’s origins in Beijing in March.
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Beijing has largely adopted a fiery speech as tensions with Washington have risen, saying repeatedly that it would not participate in negotiations unless the United States withdraws customs duties.
However, the China Ministry of Commerce said on Friday that it was “evaluation” of Washington for talks.
When asked about the apparent rotation on Wednesday, Chinese Foreign Ministry spokesman Lyn Jian told a daily press conference that “Beijing’s exhibiting position of the United States of definitions has not changed.”
The risks of the Chinese economy are high, as the vast factories sector already carries the definitions. Many analysts have reduced the 2025 economic growth forecast for an Asian giant, while the Nomura Investment Bank has warned that the trade war may cost China up to 16 million jobs.
The Chinese Central Bank announced on Wednesday about fresh cash stimulation, reducing reporting price rates and injecting liquidity into the banking system that aims to face the economic impact of duties.
Analysts described this step as measured and tactical.
“There is also an element in referring to the United States government before the next meeting,” said Christopher Bedor, Deputy Director of China Research at Bevkal Dragonomics.
“The message is that Chinese officials do not panic or scramble to support economic growth, and that they will not negotiate a position of weakness.”
US officials have held a wave of meetings with trading partners since the President announced a 10 percent tariff in most countries on April 2, as well as high tariff rates that will be launched on July 9, with the exception of separate trade agreements.
Trump also imposed a 25 percent tariff on cars, steel and aluminum, 25 percent of the fees on Canada and Mexico, and 145 percent of the tariffs on China, with more drug fees expected in the coming weeks.
China has averaged by the definitions of American goods to 125 percent. The European Union is also preparing counter -measures.
Bo Qingiwan, a partner in the Shanghai -based consultant policy partner, said that while the talks on Saturday are aimed at alleviating tensions, it is still unclear how important it is.
“In order for the most comprehensive geopolitical negotiations to be, the customs tariff must be reduced first-and the key is whether both sides can agree on the extent and decline in the tariff, as well as in follow-up talks.”
Pesin Fox News told that the two sides would work during their meeting on Saturday, “What is talking about.”
“See, we have a common interest that this is not sustainable,” said Pesin. “And 145 percent, 125 percent is the equivalent of the siege. We do not want to separate it. What we want is fair trade.”
Trump and his commercial team sent more mixed signals than progress in talks with major commercial partners who are rushing to poisoning agreements with Washington and avoid imposing huge import taxes on their goods.
Pesin has told legislators earlier in the day that the Trump administration was negotiating with 17 major commercial partners and could announce trade agreements with each other early this week.
Trump told the correspondents before a meeting with Canadian Prime Minister Mark Carney that he and senior administration officials will review possible trade deals over the next two weeks to determine which of them must be accepted.
A British official said that the United States and Britain have made progress towards a commercial deal, while Pesin had said that many other countries, including Indonesia, have made good offers to reduce definitions and non -fire barriers, such as subsidies.
Trump’s movements on the customs tariff, which he says partially directed to reducing the American trade deficit, have an opposite impact so far, as the gap has reached a record in March, as companies rushed to import goods before fees.
It is worth noting that the American trade deficit with China was severely narrowed, as Trump’s generous fees imposed a deep decrease in Chinese imports.
–Its reports were submitted Andrea Chaal, Steve Holland and David Legungrin in Washington, David Lauder in Chicago, Garrett Rinshu in Philadelphia, Lori Chen, Les Lee and Joe Cash in Beijing, and Katarina Demon in London; Writing by Andrea Shall and John Jedi; Edited
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