CNN
—
Two top Trump officials are scheduled to meet later this week with Chinese representatives on trade and economic matters, their agencies announced Tuesday evening, a nascent sign of a thaw in the trade war sparked by President Donald Trump’s massive tariffs.
Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will both travel to Geneva, Switzerland, where they will meet with President Karin Keller-Sutter and, separately, the Chinese officials, authorities announced. A news release from the Department of the Treasury said Bessent would “also meet with the lead representative on economic matters from the People’s Republic of China,” while a separate release said Greer would “meet with his counterpart from the People’s Republic of China to discuss trade matters.”
“At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,” Greer said in a statement. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”
Said Bessent: “I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the United States.”
US stock futures shot higher in after-hours trading on the announcement.
Dow futures were up 270 points, or 0.7%. The broader S&P 500 futures rose 0.8% and Nasdaq futures were 1% higher.
Stocks have been rising in recent weeks after Trump announced carve-outs from massive 145% tariffs for some Chinese goods, including electronics. Investors were hopeful that the move signaled a deal could get done.
Although talks have not been active between the two countries, Bessent testified before Congress Tuesday, there have been signs of an emerging detente. Both Trump and Bessent have said the high tariffs on China remain unsustainably high, and China signaled last week it was open to some negotiations on trade.