U.S. President Donald Trump confirmed that senior-level trade talks with China will take place in Switzerland on Saturday, involving Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. Trump claimed China initiated the talks but firmly ruled out reducing tariffs to bring Beijing to the table, saying, “We were losing a trillion dollars a year—now, nothing.”
The upcoming meeting, featuring China’s Vice Premier He Lifeng, marks a potential turning point in the ongoing U.S.-China trade war, which has disrupted global markets and supply chains. Wall Street welcomed the news, rebounding after a two-day slump. However, Trump remained defiant, insisting on keeping tariffs intact despite pressure from both U.S. industries and global partners.
Beijing had previously said it would only negotiate if U.S. tariffs were withdrawn. However, analysts like Craig Singleton from the Foundation for the Defense of Democracies see China’s willingness to meet without concessions as proof the tariffs are having their intended effect. Jake Colvin of the National Foreign Trade Council called the talks a "positive sign" of de-escalation.
Amid rising domestic concerns over inflation and shortages, Bessent told lawmakers that exemptions are being considered for child-related goods such as car seats and cribs, which currently face tariffs as high as 145%. China has also issued some exemptions from its own 125% tariffs on U.S. goods.
Meanwhile, the European Union is preparing new countermeasures if negotiations with the U.S. fail. Trump’s new ambassador to China, David Perdue, sworn in at the White House, emphasized his close ties with Trump, which could help build diplomatic bridges. Still, his past criticisms of China’s leadership raise questions about future engagement dynamics.