Tariff talks begin between U.S., Chinese officials in Geneva as world looks for signs of hope

The U.S. Treasury Secretary and America’s top trade negotiator began talks with high-ranking Chinese officials in Switzerland on Saturday (May 10, 2025) aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy.

- GNS News Agency,May 15

The Xinhua News Agency says Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson have begun meetings in Geneva with a Chinese delegation led by Vice Premier He Lifeng.Diplomats from both sides also confirmed that the talks have begun but spoke anonymously and the exact location of the talks wasn't made public.

Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive taxes — tariffs — they've slapped on each other's goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on U.S.-China trade.U.S. President Donald Trump last month raised U.S. tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries’ boycotting each other's products, disrupting trade that last year topped $660 billion.