Officials representing the Chinese and U.S. governments have agreed to meet in Switzerland to negotiate over tariffs, in hopes of easing the impacts of an ongoing trade war that has strained supply chains and panicked global markets.

The New York Times reports that U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer plan to sit down with their Chinese counterparts over the weekend of May 10-11 during a trip to Geneva. Both sides have claimed that the other has been eager to come to the table, and each has remained steadfast in their assertion that they will not back down in the face of economic pressure. The U.S. currently has 145% tariffs in place against all Chinese imports, while China has 125% levies of its own against all American imports.

In a statement released on May 7, the Chinese government said it made the decision to engage in negotiations "based on a full consideration of global expectations, China's interests and the calls of American industry and consumers." Speaking to Fox News on May 6, Secretary Bessent stressed a need to "de-escalate before we can move forward." 

The impacts of the trade war have been substantial, with the share of U.S. imports from China falling to its lowest point in 20 years in the first quarter of 2025, according to data from the U.S. Department of Commerce. West Coast ports expect to soon feel the fallout as well, with the Port of Los Angeles projecting a 35% drop in import volumes over the first two weeks of May, and executive director Gene Seroka warning in an April 24 briefing that shipments out of China for major retailers and manufacturers have essentially ceased.