U.S.-China trade talks set to begin in Switzerland as Bessent and Greer meet He Lifeng

U.S. and Chinese officials signal willingness to restart trade discussions amid tariff standoff and economic pressures.

U.S. Treasury Secretary Scott Bessent testifies during a House Appropriations Subcommittee hearing on Financial Services and General Government oversight of the Treasury Department, in Washington, D.C., on May 6, 2025. Photo by Sha Hanting/VCG

By Anna Fadiah and Hayu Andini

The long-stalled U.S.-China trade talks are poised to restart this weekend, as senior American officials head to Switzerland for meetings with Chinese Vice Premier He Lifeng. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are scheduled to arrive in Zurich on Thursday, where they are expected to hold discussions with He on Saturday and Sunday, potentially laying the groundwork for renewed dialogue between the world's two largest economies.

The Chinese Foreign Ministry confirmed on Tuesday that He Lifeng, widely regarded as President Xi Jinping’s top economic adviser, will be visiting Switzerland from May 9 to May 12. During this period, He is slated to engage with Bessent and Greer in high-level diplomatic talks. The meetings mark the first face-to-face economic negotiations between Washington and Beijing since the beginning of Trump’s second term.

A statement released by the U.S. Treasury Department confirmed Bessent’s travel plans, highlighting his objective of addressing global economic imbalances. “I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the U.S.,” Bessent said in a press release issued Tuesday.

Early signals of cautious optimism

Although neither the Treasury nor the Office of the U.S. Trade Representative explicitly stated that trade policy will top the agenda, comments from both sides point to trade as the underlying motive. Speaking on Fox News Tuesday evening, Bessent confirmed the timeline of the talks, stating, “On Saturday and Sunday, we will agree what we’re going to talk about. My sense is that this will be about de-escalation, not about the big trade deal.”

This sentiment was echoed by China’s Ministry of Commerce, which acknowledged that the U.S. had indicated a willingness to revise existing tariff policies. The ministry said Beijing is ready to engage in meaningful dialogue but “will certainly not sacrifice principled positions.” It also criticized Washington's use of unilateral tariffs, warning of their long-term economic consequences.

Bessent is also expected to meet Swiss President Karin Keller-Sutter during his visit, indicating that Switzerland is playing a key role as a diplomatic intermediary.

Trump’s tariff legacy looms over talks

The renewed U.S.-China trade discussions come against the backdrop of an ongoing tariff war that has crippled bilateral trade. Since President Trump began his second term, his administration has escalated tariffs on Chinese goods to 145%, while China has responded with 125% tariffs on U.S. exports. This tit-for-tat policy has led to a significant decline in trade volumes, causing concern among American retailers and investors.

With reports of shrinking inventories and looming supply chain disruptions, the Trump administration is now under pressure to reconsider its tariff-heavy approach. According to The Wall Street Journal, there are internal discussions about scaling back some tariffs to ease tensions. However, senior officials have maintained that the U.S. will not act alone and expects reciprocal gestures from Beijing.

Wendy Cutler, a former U.S. trade negotiator now at the Asia Society Policy Institute, described the developments as a “positive step.” She noted, “Both sides are willing to take a step toward de-escalation and to map out a strategy to re-engage.”

China’s shifting calculus

Chinese Vice Premier He Lifeng sits inside the Great Hall of the People in Beijing, China, on March 28, 2025. Photo by Johannes Neudecker/dpa

China’s willingness to meet with U.S. officials also stems from growing domestic economic pressure. Under Xi Jinping’s leadership, Beijing has adopted a defiant stance, preparing for a prolonged economic and ideological contest with the U.S. However, the recent slowdown in China’s economic growth has forced a partial rethink.

In an effort to address some of the Trump administration’s top concerns, Xi reportedly instructed public-security chief Wang Xiaohong to explore ways to curtail China’s role in the fentanyl trade. Sources familiar with the matter told The Wall Street Journal that Beijing may consider sending Wang to a separate meeting with U.S. officials either in the U.S. or in a third country. These fentanyl-focused discussions would run parallel to the economic dialogue in Switzerland.

A broader diplomatic backdrop

The trade talks coincide with other significant developments in U.S.-China relations. On Wednesday, President Trump is scheduled to formally swear in former Georgia Senator David Perdue as the new U.S. ambassador to China. The appointment is expected to strengthen the administration’s diplomatic capabilities amid a complex and strained relationship with Beijing.

Though the upcoming meetings in Switzerland are described by U.S. officials as preliminary, they may represent a turning point in how the two superpowers manage their increasingly competitive relationship. Bessent has emphasized that these are “initial talks” with no pre-set agenda, but the mere willingness to meet signals a possible thaw.

Low expectations, high stakes

There is little expectation of a breakthrough during this weekend’s U.S.-China trade talks, but analysts suggest that even modest progress could lead to more structured negotiations down the line. The last major agreement between the two nations—a partial trade deal signed in 2020—has largely unraveled under Trump’s renewed protectionist agenda.

A successful meeting in Switzerland could serve as a launchpad for future discussions on tariffs, intellectual property rights, currency manipulation, and supply chain security. Still, both sides remain wary, with Beijing emphasizing sovereignty and Washington demanding tangible policy shifts.

Trade expert Wendy Cutler summed it up best: “This is about laying the foundation. Whether it leads to something larger depends on political will on both sides.”

As American and Chinese officials prepare to sit across the table in neutral Switzerland, the world will be watching for signs of compromise, even if a comprehensive deal remains distant.