China and the United States are preparing to begin talks to de-escalate their weeks-long trade dispute.
Officials representing both countries will meet on Saturday in Switzerland to discuss steps toward ending the trade war.
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The US announced this on Tuesday, and China confirmed the meeting shortly after, according to Reuters.
Tensions between China and the US have intensified since President Donald Trump returned to the White House, introducing a wave of executive orders and tariffs that disrupted global trade.
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China has been the hardest hit by new US tariffs, which rose to 145 per cent in April. In response, the Asian giant imposed a 125 per cent retaliatory tariff on some US goods.
However, the two sides are expected to discuss reducing the broader tariffs at the end of the week.
The meeting, which will be held from 9 to 12 May, will be between US Treasury Secretary Scott Bessent, its chief trade negotiator Jamieson Greer, and China’s economist, He Lifeng.
The parties are also expected to discuss the removal of tariffs on certain products and the export control list.
According to the Chinese Ministry of Commerce, the country agreed to meet the US envoys after considering global expectations.
“On the basis of fully considering global expectations, China’s interests, and the appeals of US industry and consumers, China has decided to re-engage the US,” the Chinese statement said.
It also states that, “There is an old Chinese saying: Listen to what is said, and watch what is done. If the US says one thing but then does another, or attempts to use talks as a cover to continue coercion and blackmail, China will never agree.”
This meeting could ease a month-long, economically harmful trade standoff between the world’s two largest economies.
READ ALSO: Trump’s tariff war with China would weaken global economy, create uncertainties – IMF
Earlier in the year, the Trump administration justified the tariff imposed on China by accusing it of contributing to the flow of fentanyl and its ingredients into the United States, alongside a range of unfair trade practices.
President Trump and his advisers have also criticised Beijing for failing to honour commitments made in a trade agreement negotiated during his first term.
In response, China has labeled Mr Trump’s tariffs as “illegal and unreasonable.”
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