Trump announced on May 6 that the Chinese administration wants to get involved as the economy feels the impact of US tariffs.
Treasury Secretary Scott Bescent and US Trade Representative (USTR) Jamieson Greer will meet with their Chinese counterparts this week.
The news will be confirmed separately by both offices, with the Treasury saying Bescent will meet with “.“The main representatives on economic issues” and Greer’s office say he will meet with his “counterpart” to discuss trade issues.
The meeting will take place on May 8th during a trip to Switzerland. There, Bessent and Greer will also meet with Switzerland. President Karin Ketter to discuss the issue of mutual trade.
Greer will also meet with his staff on a USTR mission to the World Trade Organization.
“Economic security is national security, and President Donald J. Trump is leading the way in and out of America, where it is stronger and more prosperous,” Secretary Bescent said.
“I look forward to productive consultations as we work to recalibrate the international economic system to better serve the interests of the United States.”
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Trump announced on May 6 that the Chinese administration wants to engage with the US as it feels its economy is subject to tariff effects.
“They want to meet, and they’re not in business right now,” Trump told reporters during a meeting with Canadian Prime Minister Mark Carney.
“They are suffering a lot. Their economy is suffering a lot because they don’t trade with the US.”
The meeting comes after Beijing publicly refused to publicly refuse to lower or suspend the Chinese Communist Party (CCP) current tariffs if the leader agreed to negotiate.
“I think they’ll do very well, they’ll be happy, we’re going to live together very happily, ideally we’ll work together,” Trump told reporters on April 22 in the oval office.
Currently, US tariffs on many Chinese imports are 145%.
According to the White House, some Chinese products, including electric vehicles and syringes, face 245% tariffs due to the total effects of mutual collection, tariffs imposed in response to fentanyl precursors from China, and tariffs imposed by Section 301 tariffs imposed on both Trump and Biden administration.
Meanwhile, Beijing has raised tariffs on US goods from 84% to 125%.
In recent years, transshipment by Chinese companies has been increasing to avoid US tariffs.
Speaking about his plan to close these loopholes, Trump called on Mexico to raise tariffs on Chinese products to stop Beijing from using the country as a backdoor for the US market.
