U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will travel to Switzerland on May 8 to hold key trade talks with Chinese officials, signaling a potential easing in U.S.-China tensions. The two American officials will also meet with Swiss President Karin Keller-Sutter, their offices confirmed Tuesday.
China’s Vice Premier He Lifeng, the country’s top official for trade negotiations with the U.S., is expected to meet Bessent, according to reports from NBC. The meeting is being closely watched as a possible turning point in strained bilateral trade relations, which deteriorated sharply in April after former President Donald Trump imposed 145% tariffs on Chinese imports. China responded with 125% retaliatory duties, sparking fears of a prolonged trade war and triggering volatility in global markets.
In a statement, Bessent emphasized the need to "rebalance the international economic system" to better serve U.S. interests and hinted at optimism for constructive dialogue. Market reaction was swift, with U.S. stock index futures rising following the announcement. The S&P 500 Futures gained 0.7% by 19:15 ET.
The talks follow recent softening in rhetoric from both sides. While Bessent has called current tariffs “unsustainable” and predicted eventual deescalation, President Trump stated on Tuesday that he was “in no rush” to finalize trade deals, maintaining tariffs on China while granting exemptions to other partners.
Though the outcome remains uncertain, the scheduled discussions offer a rare opportunity for thawing relations between the world’s two largest economies and could influence future global trade dynamics. Investors and policymakers alike will be watching closely for signs of progress.