Trade Strategy Talks: U.S. and China Meet Amid Escalating Tariff Tensions

U.S. Treasury Secretary Scott Bessent and Chief Trade Negotiator Jamieson Greer are set to meet China's economic chief, He Lifeng, in Switzerland this weekend. The scheduled talks could mark the initial step toward alleviating a trade war that has disrupted the global economy, causing market instability.

The meeting announcement on Tuesday from Washington, and later confirmation by Beijing, led to a rise in U.S. equity index futures, bringing much-needed relief to the markets. Asian trades, following suit, saw a positive opening, reflecting optimism over the potential easing of tensions between the two largest economies.

The discussions are expected to encompass tariff reductions and specific product duties removals. This diplomatic engagement follows months of high tensions with the imposition of lofty duties exceeding 100%, posing a significant threat to global trade dynamics.

(With inputs from agencies.)