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| Tariffs: US and China set to start trade talks this week | |
| (32 minutes later) | |
| US and Chinese officials are set to start talks this week to try to deescalate a trade war between the world's two biggest economies. | |
| Chinese Vice Premier He Lifeng will attend the talks in Switzerland from 9 to 12 May, China's Ministry of Foreign Affairs says. | |
| US Treasury Secretary Scott Bessent and US Trade Representative (USTR) Jamieson Greer will represent Washington at the meeting, their offices announced. | |
| Since returning to the White House in January, President Donald Trump has imposed new import taxes on Chinese goods of up to 145%. | Since returning to the White House in January, President Donald Trump has imposed new import taxes on Chinese goods of up to 145%. |
| Beijing has hit back with levies on some goods from the US of 125%. | Beijing has hit back with levies on some goods from the US of 125%. |
| It will be the first high-level interaction between the two countries since Chinese Vice-President Han Zheng attended Trump's inauguration in January. | |
| Mr Bessent said he looked forward to rebalancing the international economic system to better serve the interests of the US. | |
| "My sense is that this will be about de-escalation, not about the big trade deal, but we've got to de-escalate before we can move forward," he said in an interview with Fox News. | |
| "If the United States wants to resolve the issue through negotiations, it must face up to the serious negative impact of unilateral tariff measures on itself and the world," a Chinese commerce ministry spokesperson said on Wednesday morning. | |
| Chinese State Media reported that Beijing had decided to engage with the US after fully considering global expectations, the country's interests and appeals from American businesses. | |
| The report added that China's is open to talks but reiterated that if the country decides to continue to fight this trade war – it will fight to the end. | |
| The trade war has triggered turmoil in financial markets and sent shockwaves across global trade. | The trade war has triggered turmoil in financial markets and sent shockwaves across global trade. |