China has confirmed that Vice Premier He Lifeng will meet with US Treasury Secretary Scott Bessent in Switzerland from May 9 to 12, about two weeks after Beijing firmly denied Washington’s claims that negotiations were already taking place.
In late April, Chinese Foreign Ministry spokesperson Lin Jian categorically said: “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind with a net.”
US President Donald Trump had insisted trade discussions with China were underway, telling reporters: “They had a meeting this morning… We may reveal it later, but they had meetings this morning, and we’ve been meeting with China.” Beijing repeatedly denied these claims.
Both sides now enter formal talks with tariffs at effectively embargo levels — 145% US duties on Chinese goods and 125% Chinese duties on American products, which Bessent recently described as “unsustainable” for the world’s two largest economies. US Trade Representative Jamieson Greer will also join the American delegation in Geneva.
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“We have a shared interest that this isn’t sustainable,” Bessent told Fox News on Tuesday. “What we want is fair trade.”
Markets in both countries rallied on news of the meeting, with US equity futures and Asian stock markets posting gains after the announcement.
The US delegation, which includes Trade Representative Jamieson Greer, aims for de-escalation rather than a comprehensive deal. Bessent previously outlined a three-step approach: first, de-escalation, then an agreement in principle, and finally negotiating specific trade issues. “We’ve got to de-escalate before we can move forward,” he said Tuesday.
The confirmation also shows that China has softened its stance somewhat. Beijing previously said that Washington must first drop all tariffs before any negotiations could begin.
Economic data shows mounting pressure on both economies. Chinese factories face their steepest slowdown in activity in more than a year, while US retailers have warned of potential supply shortages if the trade standoff continues.
The Chinese Commerce Ministry said He would be in Geneva from Friday to Monday for meetings with Swiss leaders, with the Bessent meeting scheduled during that period. The US delegation will arrive in Switzerland on Thursday, according to Treasury Department statements.
Peter Navarro, Trump’s most hawkish trade adviser on China, will not attend the talks, according to US officials.
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