Overview

• US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng will meet in Switzerland from May 9–12 for the first high-level talks on tariffs since the conflict escalated in April.
• The discussions will focus on de-escalation rather than achieving a full trade agreement, according to US officials.
• The EU has signaled readiness to impose retaliatory tariffs worth $100 billion on US goods if the negotiations fail to yield progress.
• Major US companies, including Ford, are grappling with significant financial uncertainty, with Ford estimating $1.5 billion in tariff-related costs and withdrawing its financial guidance.
• China has emphasized that any resolution must be based on mutual respect and requires the US to address the impact of its tariff measures.