Over the past week, US President Donald Trump has made suggestive noises about reducing tariffs on Chinese imports. Incredibly high-level trade discussions are set to get underway any time now. From these preliminary numbers, US Treasury Secretary Scott Bessent and China’s Vice Premier, He Lifeng, will meet in high level talks. These important discussions are scheduled to occur in Switzerland around mid-December. Photo by Win McNamee/Getty Images Trump recently signed a new tariff agreement with the UK. Trade advocates generally welcomed this announcement as a sign that trade dynamics are changing.
During the event, Trump remarked on the current import taxes imposed on China, stating, “You can’t get any higher. It’s at 145, so we know it’s coming down.” He sounded hopeful for more cooperation in the next round of negotiations. Many observers think these negotiations are vital for calming intensifying trade tensions between the two economic superpowers.
Since taking office Trump has enacted tariffs that have raised tariffs on hundreds of imports from China to as high as 145%. In doing so, this action has dramatically reshaped the future of trade relations. This has raised the level of suspicion and alarm among international markets to a fever pitch. We applaud the conversations to come as an important first step in addressing these concerns. These signals demonstrate that both sides are willing to attempt to de-escalate the current trade conflict.
And when asked about competition with the US, Chinese Vice Foreign Minister Hua Chunying showed confidence in Beijing’s ability to handle such trade relations. She stressed that China is still deeply committed to constructively participating in the negotiations.
The stakes couldn’t be higher as countries around the world scramble to usurp agreements with the US before steep US import tariffs take effect next month. The meeting in Switzerland is an encouraging start and points to greater US and Chinese collaboration. Analysts warn a lot of ground won’t be made up anytime soon. Former US trade negotiator Stephen Olson highlighted that “the systemic frictions between the US and China will not be resolved any time soon.” He further stressed the need for sustained, high-level talks, including from each of the respective presidents to deliver a final deal.