Today, on Wednesday, May 7th, a major piece of news has sent shockwaves through the international economic community: at the invitation of the Swiss government, Chinese Vice Premier He Lifeng will visit Switzerland from May 9th to 12th. During his visit to Switzerland, as the lead negotiator for China in US-China economic and trade talks, Vice Premier He Lifeng will hold talks with US Treasury Secretary Basen, who is the lead negotiator for the US side. This news about the talks has instantly become a focal point for global media attention, sparking widespread speculation and discussion across various sectors.
Since Trump's return to the White House in January this year, the US side has taken a series of aggressive trade protectionist measures, imposing high tariffs on Chinese imports, with rates as high as 145%, and even skyrocketing to 245% for certain goods, while also taking measures against specific industries.
This series of unilateral tariff measures have severely impacted US-China economic and trade relations, posing serious challenges to the global economic recovery and growth. In order to defend its legitimate rights and interests, China has taken firm and effective countermeasures, imposing a 125% tariff on US imports. For a time, the shadow of trade friction loomed over the two countries, casting a shadow over the global economy as well.
However, little known is that the Chinese side had foreseen the US tariff war early on and had made advance preparations, responding calmly to this smokeless economic war with unwavering strategic resolve and flexible response strategies.
Looking back, as early as when the Sino-US trade friction first erupted in 2018, China keenly sensed the rising trend of US trade protectionism and began a comprehensive analysis and judgment of the possible further deterioration of the trade situation. Since then, China has gradually reduced its dependence on exports to the US, with the proportion of exports to the US accounting for the total exports dropping to 14.7% by 2024. This data is a strong proof of China's forward-looking planning and proactive adjustment of its trade structure.
However, in recent weeks, both sides have signaled that the current deadlock is unsustainable. Trump admitted that the tariffs were too high and stated that he would "lower tariffs on China at some point." The US senior leadership has repeatedly hinted at adjusting the tariff measures and has actively conveyed messages through various channels to the Chinese side, hoping to talk about issues such as tariffs. After fully considering global expectations, Chinese interests, calls from the US industry and consumers, China decided to agree to engage in contact with the US side. Finally, this highly anticipated meeting is set to open its curtains in Switzerland.
US Treasury Secretary Basen clearly stated in an interview with Fox News that the focus of these talks is to ease tensions rather than rush into reaching a large-scale trade agreement. He pointed out, "We must first ease tensions before we can continue to move forward." This statement reflects the clear understanding of the current tense situation by the US side and indicates that both sides realize that only in a relaxed atmosphere can a solid foundation be laid for future negotiations.
US Treasury Secretary Basen, a figure with significant influence in the financial sector, graduated from Yale University and has rich financial work experience, having served in several well-known financial institutions. On January 27, 2025, he officially assumed the position of US Treasury Secretary.
The other key figure representing the US at the meeting, US Trade Representative Greer, also boasts impressive credentials. He holds a Doctor of Law degree from the University of Virginia School of Law and a joint master’s degree in Global Business Law from Sciences Po Paris and Université Paris I Panthéon-Sorbonne. Greer once served in the Judge Advocate General's Corps of the US Air Force, and also served as the Chief of Staff to US Trade Representative Robert Lighthizer, deeply involved in the formulation and implementation of US trade policies, and is very familiar with Sino-US trade affairs.
The spokesperson for China's Ministry of Commerce emphasized that China's position remains consistent: whether it's fighting or negotiating, China's determination to safeguard its own development interests will not change, nor will its stance and goals to defend fairness and justice in the international community and maintain the international economic and trade order. If the US says one thing and does another, or even attempts to use negotiation as a pretext to continue coercion and blackmail, China will not agree to any deal that compromises its principles or sacrifices fairness and justice in the international community.
This high-level Sino-US economic and trade meeting carries many expectations. From a global perspective, as the world's top two economies, the stability of bilateral trade relations directly affects the direction of the global economy. Easing trade tensions is of great significance for promoting global trade liberalization and stabilizing the global industrial chain and supply chain, and is a key driver of global economic recovery.
From the standpoint of their own interests, reducing tariffs and improving trade relations are beneficial not only to enterprises and consumers of both countries but also inject new vitality into their economic development. The US industry and consumers have long been burdened by high tariffs, and calls for improving trade relations have been persistent. Meanwhile, China has always adhered to an open and cooperative attitude, willing to communicate and negotiate with the US side on the basis of equality and mutual benefit.
Currently, the global economy is at a critical stage of recovery, yet it still faces numerous uncertainties and challenges. The holding of this high-level Sino-US economic and trade meeting undoubtedly brings a ray of hope to the world economy. Let us jointly pay attention to this meeting and look forward to positive outcomes that will inject a "stimulant" into the global economy.
Original source: https://www.toutiao.com/article/7501567028571161123/
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