U.S. Treasury Secretary Bessent and U.S. Trade Representative Greer will travel to Switzerland later this week to hold trade talks with Chinese Vice Premier He Lifeng.
Bloomberg reported that the governments of China and the United States issued statements on Tuesday (May 6th), announcing the itinerary for this week. This will be the first confirmed trade negotiation arrangement between the two countries since US President Trump announced the imposition of punitive tariffs on China.
High tariffs are feared to weaken trade between the two largest economies in the world. The initiation of negotiations between China and the United States may boost investors' hopes for mutual tariff reduction between the two countries.
Trump imposed tariffs as high as 145% on a large number of Chinese imports, while China imposed tariffs of 125% on American imports as retaliation. The tariff war between China and the United States has disrupted the global market and may push up the prices of manufacturing equipment and many cheap goods that Americans rely on, including clothing and toys.
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