EDITOR’S NOTE (Nick Stamatakis). It was inevitable!! The tariff wars do not benefit any side and they invite a global recession among other economic problems… t was all too apparent that this situation would have to be resolved IMMEDIATELY and this is precisely what will happen in just a couple of days in Geneva…
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US, China to hold talks in Switzerland amid Trump’s trade war
US Treasury Secretary Scott Bessent says Washington does not wish to decouple from China but wants ‘fair trade’.
The United States and China will hold trade talks in Switzerland this week, officials have said, as the world’s two largest economies seek to de-escalate tensions that have led to a de facto mutual trade embargo.
The talks would be the first official engagement between Washington and Beijing on trade since US President Donald Trump slapped a 145 percent tariff on Chinese goods, prompting a retaliatory 125 percent duty from China.
US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer will attend the talks for the US side, their offices said in a statement on Tuesday.
Chinese Vice Premier He Lifeng will represent Beijing, China’s Ministry of Foreign Affairs said in a statement.
Businesses and investors have been anxiously waiting for signs of a thaw in US-China tensions amid fears a prolonged trade war could cause serious damage to the global economy.
The International Monetary Fund last month lowered its global growth forecast for 2025 from 3.3 percent to 2.8 percent amid Trump’s trade salvoes.
Economists have increasingly warned of the possibility of the US economy tipping into a recession this year, with JP Morgan Research putting the likelihood at 60 percent.
The US economy shrank 0.3 percent in the first quarter – a period before most of Trump’s tariffs came into effect – the first decline since early 2022.
