US Treasury Secretary Scott Bessent announced on Wednesday that talks with China commence on Saturday, May 10, in Switzerland. He clarified that Saturday's meeting is a beginning for planning further discussions, not advanced trade deliberations.
"My sense is that this will be about de-escalation, not about the big trade deal. But we've got to de-escalate, before we can move forward," Bessent said as he testified before the Financial Services and General Government Subcommittee hearing on Oversight of the US Department of the Treasury.
Bessent and US Trade Representative Jamieson Greer will head to Switzerland this week for trade negotiations with China headed by Vice Premier Lifeng He, President Xi Jinping's economic advisor, who is scheduled to visit Switzerland between May 9 and 12 and meet with the US delegates.
