U.S. Treasury Secretary Scott Bisant confirmed yesterday, Wednesday, during his testimony before the Financial Services and Treasury Oversight Committee, that the United States will begin new talks with China next Saturday, May 10, in Switzerland. These talks come at a sensitive time marked by rising tensions between the U.S. and China, with both sides seeking to ease the economic and political disputes that have affected the global economy.
Bisant clarified that these discussions are not the beginning of advanced trade negotiations but a preliminary step to plan for further discussions. He noted that the primary goal is to calm the atmosphere between the U.S. and China before moving forward with any deeper negotiations. Bisant added, "The objective is not to reach a comprehensive trade agreement now, but to create a more tranquil environment before advancing."
Scott Bisant and U.S. Trade Representative Jamison Greer are scheduled to head to Switzerland this week, where they will meet with Vice Premier Liu He, the economic advisor to President Xi Jinping. Liu He's visit to Switzerland will take place between May 9 and 12, opening the door for further dialogue between the U.S. and China regarding the outstanding trade and economic issues.
These talks come amid economic challenges facing China with a slowdown in its economic growth, while the U.S. seeks to maintain its global economic standing amid trade tensions. This step also reflects both sides' desire to restore stability to global markets and alleviate the pressures on supply chains affected by trade disputes.
