On May 7, 2025, U.S. President Donald Trump indicated that China initiated the upcoming high-level trade talks scheduled for Saturday in Switzerland, involving Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. Trump emphasized that he is not willing to reduce tariffs on Chinese goods as a precondition for negotiations, stating that the U.S. now loses “nothing” on trade with China, compared to purported past losses of up to a trillion dollars annually.
The planned meeting aims to address the escalating trade war between the two nations, which has seen reciprocal tariffs exceeding 100%, severely disrupting global supply chains and markets. China’s Commerce Ministry previously asserted that it was the U.S. that sought dialogue, but Trump contradicted this claim.
In a related development, Trump swore in former Senator David Perdue as the new U.S. ambassador to China, highlighting their close working relationship. Despite Perdue’s prior criticism of Chinese President Xi Jinping, he pledged a strategic and bipartisan approach to U.S.-China relations during his confirmation hearing.
Financial markets responded positively to the news of the upcoming trade talks and new monetary stimulus from China, with global markets showing signs of stabilization.
Source: Reuters
