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US Treasury Secretary Scott Bestent Says Washington does not wish to decouple from China but want ‘fair trade’.
The United States and China will hold Trade Talks in Switzerland this week, officials have said, as the world’s two largest Economies Seek to de-escalate tensions that have led to a de facto mutual trade embargo.
The talks would be the first official Engagement between Washington and Beijing on Trade Since US President Donald Trump Slapped A 145 Percent Tariff on Chinese Goods, Promparing a Retaliatory 125 Percent Duty from China.
US Secretary of the Treasury Scott Besent and US Trade Representative Jamieson Greer will attend the talks for the us side, their offices said in a statement on tuesday.
Chinese Vice Prime Minister He Lifeng Will Represent Beijing, China’s Ministry of Foreign Affairs Said in a Statement.
Businesses and investors have been anxiously waiting for signs of a thaw in us-china tensions amid Fears a prolonged trade war could cause serious damage to the global economy.
The International Monetary Fund Last Month Lowered Its Global Growth Forecast for 2025 from 3.3 Percent to 2.8 Percent Amid Trump’s Trade Salvoes.
Economists have increasingly warned of the possibility of the us economy tipping into a recession this year, with JP Morgan Research putting the Likelihood at 60 percent.
The US Economy Shrank 0.3 PERCENT IN THE FIRST QUARTER, THE FIRST DECLINE SINCE THE SAME PERIOD IN 2022.
In an interview with fox news after the talks were announced, best said the two sides had a “shared interest” in talks as the current levels of tariffs were unsustainable.
“We don’t want to decouple. What we want is fair trade,” Bestent Told Fox News Host Laura Ingraham.
Bestent said he expected the initial talks to focus on “de-escalation,” rather than a “big trade deal”.
“We’ve got to de-escalate before we can move forward,” he said.
China’s Ministry of Commerce said on Wednesday that the talks should proceed on the “basis of mutual respect, equality, consultation, and mutual benefits”.
“As a Chinese saying goes,” Listen to their words and observe their actions, “a ministry spokesperson said.
“If the us wishes to resolve issues through negotiation, it must acknowledge the victorious impact its unilateral tariff measures have had itself and the world, respect international economic and trade rules and the voices of fairness and reason from various sectors, negotiations, correct its wrongful actions, and work with China to address concerns through equal consultations. ”
