US Secretary of Treasury Scott Bessent speaks during the daily briefing in the Brady Briefing Room of the White House in Washington, DC, on April 29, 2025.
Mandel Ngan | Afp | Getty Images
President Donald Trump’s Treasury Secretary, Scott Bessent, and top trade official Jamieson Greer will meet with their Chinese counterparts in Switzerland this week, their offices said Tuesday.
The announcements signal a major step toward Washington and Beijing beginning negotiations amid an ongoing trade war.
Trump last month ratcheted up blanket tariffs on Chinese imports to 145% even as he scaled back his so-called reciprocal tariffs on almost all other trading partners. China has retaliated with steep tariffs on U.S. goods.
Both Bessent and Greer are set to meet with Swiss President Karin Ketter-Sutter during their visit, their offices said in separate press releases.
“While in Switzerland, Secretary Bessent will also meet with the lead representative on economic matters from the People’s Republic of China,” the statement from the U.S. Treasury Department said.
Greer “will also meet with his counterpart from the People’s Republic of China to discuss trade matters” while in Geneva, his office said.
The Chinese Foreign Ministry announced later Tuesday that Vice Premier He Lifeng, Beijing’s top official for China-U.S. economic and trade matters, will be meeting with Bessent in Switzerland, NBC News reported.
Stock futures, which opened in the red Tuesday evening, turned sharply higher immediately following news of the forthcoming meetings.
Trump said earlier Tuesday that China wants to meet, and that the U.S. will do so “at the right time.”
“They want to negotiate and they want to have a meeting and we’ll be meeting with them at the right time,” Trump said at the White House during a meeting with Canadian Prime Minister Mark Carney.
Read the announcements from Treasury and USTR:
Secretary of the Treasury Scott Bessent to Travel to Switzerland
May 6, 2025
WASHINGTON — On May 8, Secretary of the Treasury Scott K.H. Bessent will travel to Switzerland.
“Economic security is national security, and President Donald J. Trump is leading the way both at home and abroad for a stronger, more prosperous America,” said Secretary Bessent. “I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the United States.”
During Secretary Bessent’s visit to Switzerland, he will meet with President Karin Ketter-Sutter of Switzerland, during which the Secretary will follow up on their recent meeting on the sidelines of the recent World Bank Group (WBG) – International Monetary Fund (IMF) Spring Meetings.
While in Switzerland, Secretary Bessent will also meet with the lead representative on economic matters from the People’s Republic of China (PRC).
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Ambassador Jamieson Greer to Travel to Switzerland
May 6, 2025
WASHINGTON – U.S. Trade Representative Jamieson Greer will travel to Geneva, Switzerland later this week. Ambassador Greer will meet with USTR staff at the USTR Mission to the World Trade Organization (WTO). He will also meet with President Karin Ketter-Sutter of Switzerland to discuss negotiations about reciprocal trade.
“At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,” said Ambassador Greer. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”
While in Switzerland, Ambassador Greer will also meet with his counterpart from the People’s Republic of China to discuss trade matters.
This is breaking news. Please refresh for updates.
— CNBC’s Erin Doherty contributed to this report.
