Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent restarted trade talks on Saturday afternoon in Geneva, a cautious but important step toward resolving the escalating trade tensions between the two biggest global economies.
The top-level summit follows rising tariffs that have driven levies on Chinese imports to the US and vice versa well above 100%, creating worldwide economic uncertainty. The restart of talks follows weeks of rising tensions and is part of a larger effort to stabilize supply chains, calm jittery financial markets, and prevent a pending global slowdown.
While the venue of the talks was not specifically identified at first, both the delegations were subsequently spotted heading back to the Swiss ambassador’s residence in Cologny from a midday recess, signaling the venue of the meeting. The morning session took approximately two hours.
US officials, among them Bessent and US Trade Representative Jamieson Greer, were in high spirits earlier in the morning when they left their hotel, sporting red ties and American flag pins. Members of the Chinese delegation were seen heading out of their lakeside hotel in Geneva at roughly the same time.
Washington hopes to close its trade deficit with Beijing and persuade China to move away from its state-driven economic policies. American officials also are pushing for more Chinese participation in world consumption, a shift that would entail major internal changes in China.
Meanwhile, Beijing highlighted its aspiration for mutual treatment and lower tariffs and called on Washington to make it clear what its requirements are and to respect China’s sovereign right to determine the course of its economy.
There were no immediate breakthroughs expected, but the Geneva talks mark a readiness by both sides to re-engage diplomatically something significant to resolve one of the world’s most significant trade disputes.
