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.
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