World watching as tariff talks begin between U.S. and Chinese officials in Geneva

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer have begun meetings in Geneva with a Chinese delegation led by Vice Premier He Lifeng.

The U.S. treasury secretary and America’s top trade negotiator began talks with high-ranking Chinese officials in Switzerland Saturday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer have begun meetings in Geneva with a Chinese delegation led by Vice Premier He Lifeng.

Diplomats from both sides also confirmed that the talks have begun but spoke anonymously. A motorcade of black cars and vans was seen coming and going from the home of the Swiss ambassador to the United Nations delegation in the wealthy city, and a diplomatic source, speaking on condition of anonymity because of the sensitivity of the meeting, said the sides met for about two hours before departing for a previously arranged luncheon.

The talks were taking place in the sumptuous 18th-century “Villa Saladin” overlooking Lake Geneva. The former estate was bequeathed to the Swiss state in 1973, according to the Geneva government.

Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive taxes — tariffs — they’ve slapped on each other’s goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on U.S.-China trade.

U.S. President Donald Trump last month raised U.S. tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped $660 billion.

Even before the talks began, Trump suggested Friday that the U.S. could lower its tariffs on China, saying in a Truth Social post that “ 80% Tariff seems right! Up to Scott.″

Sun Yun, director of the China program at the Stimson Center, noted it will be the first time He and Bessent have talked. She doubts the Geneva meeting will produce any substantive results.