US Treasury Secretary Scott Bescent and chief negotiator Jamieson Greer will meet with Switzerland’s Chinese economic emperor, his Lifeeng this weekend.
News from the planned Geneva conference, originally announced by Washington late Tuesday, brought US stock index futures higher. China and Hong Kong stock markets followed suit during Asian trading on Wednesday.
The talks come after weeks of escalating tensions on Tuesday, which surged over 100% of the mandate for importing goods between the two biggest economies in the world, and what Bescent called the equivalent of a trade embargo.
With President Donald Trump’s decision last month, the inverse of slapping drastic duties in dozens of other countries sparked fears of supply chains, financial markets shaking and a sharp slump in global growth.
Two sources familiar with the plan say that the team convened in Switzerland is expected to discuss broader tariff reductions, known for its neutrality. The consultation also needs to cover Trump’s obligations regarding the decision to end the minimum exemptions on certain products, export controls, and low-value imports.