China has agreed to negotiations with the US based on global expectations and its own interests, the Ministry of Commerce of the People’s Republic of China announced on Wednesday.
Chinese Vice Premier He Lifeng will hold talks in Switzerland with US Treasury Secretary Scott Bessent during his visit to the country on May 9-12, the ministry said.
On Tuesday evening, Bessent told Fox News that two delegations of negotiators would meet in Geneva on Saturday and Sunday. He said that both sides had a “common interest” in the talks because high tariffs were “unsustainable.”
On April 2, Trump announced the introduction of customs tariffs on products from 185 countries and territories. Universal tariffs of 10% came into effect on April 5, with individual tariffs coming into effect on April 9. Later, Trump announced that he was suspending for 90 days the additional import tariffs imposed on a reciprocal basis on a number of countries and territories.
At the same time, the US president raised tariffs on Chinese products to 125%. Taking into account the previously imposed tariff of 20% for allegedly insufficient efforts by the governments of Canada, China and Mexico to combat fentanyl smuggling into the US, the total duty on goods from the PRC currently stands at 145%.
The economic consequences of the trade war remain serious. According to estimates by the World Trade Organisation, Chinese exports to the US, which amounted to $440 billion last year, will fall by 77% in 2025 if the tariffs remain in place.
