Top trade and economic officials from the United States and China will meet in Switzerland this Saturday in the first high-level dialogue aimed at easing a trade war that has rattled global markets and upended supply chains.

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will sit down with Chinese Vice Premier He Lifeng, widely known as China’s economic policy chief. The talks mark the first direct contact since President Donald Trump escalated tariffs to as high as 145% on Chinese imports. China responded with 125% retaliatory duties.

“This will be about de-escalation,” Bessent said. “145% and 125%—that’s the equivalent of an embargo.”

Sources familiar with the planning said the agenda includes potential tariff rollbacks, U.S. export controls, and Trump’s move to eliminate de minimis exemptions on low-value imports.

Beijing, long reluctant to enter talks while tariffs remain, now appears to be adjusting course, citing global economic concerns and pressure from U.S. businesses and consumers. The Chinese Ministry of Commerce warned, however, that it “will not tolerate coercion” disguised as negotiation.

The meeting comes amid economic strain on both sides:

• China’s central bank has just announced monetary stimulus to buffer its slowing economy.

• Trump has also expanded tariffs to dozens of other countries, including 25% levies on autos, steel, and aluminum, heightening global trade instability.

While market reactions have been positive, analysts remain skeptical. Trade experts say the talks may lay groundwork but are unlikely to produce immediate breakthroughs. Any meaningful agreement would require mutual tariff reductions and a path to follow-up negotiations.

Key Quote:

“We don’t want to decouple,” Bessent said. “What we want is fair trade.”