Overview

• US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng are meeting in Geneva this weekend for initial discussions on the trade conflict.
• The US has imposed 145% tariffs on Chinese imports, with China retaliating with 125% duties, effectively halting bilateral trade.
• China's Ministry of Commerce has called on the US to remove unilateral tariffs as a sign of sincerity, while President Trump has ruled out any pre-talk tariff reductions.
• The US Commerce Department announced it would simplify some export controls on advanced semiconductor chips, though the move's connection to the talks remains unclear.
• Both economies are under strain, with the US experiencing Q1 contraction and China implementing monetary easing to support growth.