U.S., China to Hold Geneva Talks Saturday Aimed at Easing Trade War, Bessent Says

The United States and China have agreed to resume face-to-face trade discussions in Geneva this weekend, marking the first high-level meeting since the latest round of tariff increases. U.S. Treasury Secretary Scott Bessent and Trade Representative Greer will confer with Chinese Vice Premier He Lifeng on Saturday and Sunday in what both capitals describe as an "ice-breaker" session requested by Washington. Bessent said the talks are intended to explore ways to de-escalate the trade war and that "everything is on the table," while stressing they are only a "beginning for talks, not advanced discussions." He called existing duties "unsustainable" and argued that it is "time for China to graduate from developing-country status," signaling Washington’s broader agenda for future negotiations. Beijing confirmed its participation after what it said were repeated U.S. overtures, but insisted any deal must rest on equality, mutual respect and mutual benefit. The Commerce Ministry vowed China would not "sacrifice its principles or justice" and demanded that the United States roll back unilateral tariffs as evidence of good faith, pledging to safeguard national interests throughout the process. Separately, Bessent indicated Washington could unveil trade agreements with other major partners as early as this week, without naming the countries involved. Financial markets, including cryptocurrencies, edged higher on expectations that the Geneva meeting could ease tensions, though analysts cautioned that a comprehensive settlement remains a distant prospect.