By Juliana Liu and Catherine Nicholls, CNN
Hong Kong/London (CNN) — Trade talks between the United States and China have begun in Geneva, Switzerland, Chinese state media reported on Saturday, a nascent sign of a thaw in the trade war sparked by President Donald Trump’s massive tariffs.
Vice Premier He Lifeng will lead the talks on the Chinese side, while US Treasury Secretary Scott Bessent will be America’s chief representative, state broadcaster CCTV said in a brief report.
Bessent urged earlier this week not to expect a major trade deal out of the meetings, but he acknowledged it was an important step in negotiations.
The US has placed a minimum 145% tariff on most Chinese imports, and China has responded with a 125% tariff on most US imports. As a result, trade between the two sides is falling sharply, according to logistics experts.
Even reducing that tariff rate by half still might not be enough to change trade levels significantly. Economists have said 50% is the make-or-break threshold for the return of somewhat normal business between the two countries.
On Friday, hours after US trade officials set off for Switzerland, Trump floated the possibility of slashing tariffs on Chinese goods to 80% while demanding China “open up its market to USA.”
This is a developing story and will be updated.
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