US officials said that Saturday’s Geneva meeting marks the first high-level US-China trade talks in months.
Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet Vice Premier He Lifeng in Switzerland as both sides seek to roll back punitive levies that weigh on global supply chains and domestic industries.
The United States has imposed tariffs up to 145 percent on Chinese goods, while China has struck back with duties up to 125 percent, saddling businesses with costs that often exceed merchandise values.
Equity futures in New York jumped sharply after officials confirmed the talks, and Asian markets rose on hopes of tariff relief. China’s central bank cut its reserve requirement by 0.5 percentage point and trimmed the seven-day repo rate by 10 basis points.
Bessent said these talks will focus on de-escalation rather than a comprehensive agreement, stressing fair trade over decoupling. Washington also pursues separate trade talks with 17 partners to avert further tariffs across key industries.
Analysts warn that tariffs jeopardize millions of jobs in China. Nomura estimates 5.7 million near-term and 15.8 million long-term losses. Researchers project the April tariffs will trim US GDP growth by 0.5 percentage point in 2025.
The tariffs raise consumer prices by 2.3 percent, costing households an average $3,800 annually, with lower-income families losing $1,700.
Manufacturers in both countries have delayed orders, shifted production, and warned of potential shortages in electronics and machinery. Both sides must decide by early July whether to cancel planned tariff increases set to affect billions in trade.
The Geneva talks will test each side’s willingness to lower trade barriers before talks can expand into broader economic issues.
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