Senior U.S. and Chinese negotiators are gearing up for high-stakes trade talks in Switzerland on Saturday. De-escalating the trade war is a top priority for both Team Trump (represented by U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer) and Chinese Vice Premier He Lifeng, Beijing’s top economic official. But with neither side willing to lose face in negotiations, the likelihood that Saturday’s dialogue culminates in a trade agreement remains low.
“My sense is that this will be about de-escalation, not about the big trade deal,” Bessent told Fox News on Tuesday.
Senior U.S. and Chinese negotiators are gearing up for high-stakes trade talks in Switzerland on Saturday. De-escalating the trade war is a top priority for both Team Trump (represented by U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer) and Chinese Vice Premier He Lifeng, Beijing’s top economic official. But with neither side willing to lose face in negotiations, the likelihood that Saturday’s dialogue culminates in a trade agreement remains low.
“My sense is that this will be about de-escalation, not about the big trade deal,” Bessent told Fox News on Tuesday.
A lot is riding on Saturday’s talks between the world’s two largest economies. On Friday, new Chinese customs data indicated that Chinese global exports grew 8.1 percent in April compared to the previous year despite Trump imposing sweeping tariffs last month. This unexpectedly strong performance represents a setback for Washington, as it strengthens Beijing’s hand ahead of negotiations and demonstrates that China’s recent efforts to court trade elsewhere have worked.
Trump, however, is hoping that his hard-line playbook will bolster U.S. negotiating power. On Wednesday, for instance, Trump said he was not willing to lessen U.S. duties on China (currently totaling 145 percent for most goods) even if doing so would help jump-start negotiations. Yet just two days later, he seems to have changed his tune, suggesting on Friday that he would be willing to cut U.S. duties. “80% Tariff on China seems right!” he wrote on Truth Social. Chinese retaliatory tariffs sit at 125 percent.
Read more in today’s World Brief: U.S., China Prepare for High-Stakes Trade Talks in Geneva.
This post is part of FP’s ongoing coverage of the Trump administration. Follow along here.
