Hong Kong - U.S. and Chinese officials announced they will meet in Switzerland later this week, suggesting that there may be détente in the escalation of the trade war between global superpowers.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet with Beijing’s main economic representative, namely Lifefeng, to pave the way for broader trade negotiations.

exist Appears on Fox NewsBessent said the current tariffs are unsustainable and “equivalent to an embargo.”

"We don't want to disband. What we want is fair trade," he said.

The United States and China are locked in a trade war that sells trade, both sides imposed huge, trinity tariffs on each other’s goods, making trade between the world’s two largest economies nearly impossible.

Investors and global policy makers will look for any signs of the ramp as the ongoing trade war threatens the global recession.

Alicia Garcia-Herrero, chief economist at the French bank Natixis, said China and the United States “need to keep moving forward.” “I think both sides are keen on negotiations.”

President Trump signed so-called reciprocity tariffs on China and many other countries in early April. Trump's response was even higher when China retaliated against similar tariffs on U.S. goods. Currently, Chinese goods are facing the United States Tariff 145%The United States' products entering China are affected 125% tariff.

In recent weeks, the United States and China have participated in a geopolitical wink competition, waiting for the other side to lend a helping hand. Trump is in a Time interview He would not call Chinese President Xi Jinping, adding that Xi has actually called him. Chinese officials Refuted That claim was later said that the United States had made it Multiple proposals Seek trade negotiations.

The Swiss negotiations are the first concrete sign of potential meltdown in the deadlock.

In an editorial published in Guancha, political commentator Ming Jinwei said that in order to obtain substantial results, the United States must adopt a "appropriate attitude."

Ming added that Finance Minister Bessent needs to reassess his understanding of China's strength.

"He repeatedly claimed that China needs the United States, but the United States does not. This view is both incorrect and arrogant," he wrote.

Both sides have Feeling effect of trade warGarcia-Herrero expects a trade deal to be reached soon, with the United States removing steep mutual tariffs but continuing 20% ​​tariffs on Chinese goods.

"The deal will be declared a smaller thing because they convinced their voters to be evil," Garcia-Herrero said. "So, they can't really change that mantra right now."

A spokesman for China's Ministry of Commerce said on Wednesday that China's door remains "open negotiations" but it will not "sacrifice its principles" for any agreement.

NPR's Aowen CAO contributed to this report.