U.S. and China to hold first formal talks since trade war escalated

U.S. and Chinese officials will meet this week for their first formal economic talks since President Trump announced sweeping tariffs on China and triggered a trade war, the Treasury Department announced Tuesday evening.Why it matters: The trade war between the world's two largest economies threatens the global order and the talks in Switzerland will mark the first high-level meeting between U.S. and Chinese officials since China's Vice President Han Zheng attended Trump's inauguration in January.Washington and Beijing have been embroiled in a tit-for-tat tariffs standoff since Trump announced an additional 34% tariff on Chinese imports and China responded with a 34% levy on all U.S. goods and restrictions on exports of critical minerals.Driving the news: Treasury Secretary Scott Bessent revealed late last month that U.S. and Chinese officials were discussing key economic matters despite China's ruling Communist Party publicly denying this. The Trump administration confirmed in Tuesday statements that Bessant and U.S. Trade Representative Jamieson Greer will meet with their Chinese counterparts to discuss "economic" and "trade" matters during meetings in Geneva with Swiss President Karin Keller-Sutter and other officials this week.What they're saying: "Economic security is national security, and President Donald J. Trump is leading the way both at home and abroad for a stronger, more prosperous America," Bessent said in a statement ahead of his arrival in Switzerland on Thursday. "I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the United States."Greer said in a statement he's "negotiating with countries" at Trump's direction "to rebalance our trade relations to achieve reciprocity, open new markets, and protect America's economic and national security."Trump said during his meeting with Canadian Prime Minister Mark Carney that Beijing officials "want to negotiate and they want to have a meeting and we'll be meeting with them at the right time."Go deeper: No turning back: America's forever trade wars

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