China-United States To Start Rate Negotiations In Switzerland

JAKARTA - Deputy Prime Minister He Lifeng met with US Treasury Secretary Scott Bessent in Switzerland as the initial negotiations on the settlement of the tariff war between the two major countries.

"Recently, the US has repeatedly said it wants to negotiate with China. This meeting was requested by the US," Chinese Foreign Ministry spokesman Lin Jian told a news conference in Beijing on Wednesday, May 7.

In a release delivered by the Chinese Foreign Ministry, it was previously stated that Deputy Prime Minister He Lifeng would visit Switzerland on May 9-12 2025 at the invitation of the Swiss government.

During his visit to Switzerland, Deputy PM He Lifeng, who is in charge of China-US economic and trade affairs, will hold a meeting with US official in charge of Finance Scott Bessent.

Furthermore, there are 12-16 May 2025, Deputy PM He will go to France to become joint chairman in the 10th China-France High Economic and Financial Dialogue.

"China firmly opposes the increase in US rates. This position remains unchanged," said Lin Jian.

However, said Lin Jian, China is open to dialogue that must be based on equality, respect, and mutual benefit.

"Suppressing or forcing China in any way will not succeed. We will firmly protect our legitimate interests and uphold international justice and fairness," added Lin Jian.

Lin Jian also said that China's economy is currently stable despite being hit by reciprocal rates from the US.

"No external shock can change China's economic fundamentals with a stable foundation, has many advantages, extraordinary resilience, and great potential," said Lin Jian.

The US, said Lin Jian, also cannot change China's consistent progress trend in pursuing high-quality development.

"China is very resilient under pressure and has complete tools to defend our legitimate rights and interests, and is ready to work with the international community to oppose unilateralism, protectionism and maintain a multilateral trading system and uphold international justice and equality," explained Lin Jian.

Lin Jian also said that China's attitude towards tariffs had not changed even though previously China admitted that it was reluctant to negotiate with the US without the US to write off reciprocal rates.

"There is no change in China's position. This tariff war begins with the US and if a negotiated solution is really desirable to the US, the US must stop threatening and putting pressure on, and seek dialogue with China on the basis of equality, respect, and mutual benefit," said Lin Jian.

China, according to Lin Jian, will maintain WTO rules and a multilateral trading system.

However, regarding the specific matters regarding the Deputy PM He meeting, Lin Jian did not want to mention in detail.

The Donald Trump administration charges up to 245 percent of imported goods from China. The details are a reciprocal rate of 125 percent, a tariff of 20 percent related to fentanyl issues, and a "Section 301" rate for certain items, between 7.5 and 100 percent.

Meanwhile, China on April 11, 2025, announced the application of import rates of 125 percent for US goods, an increase from 84 percent. This action is a response to the 125 percent tariff set by President Trump on April 10 for goods from China.

Trump has given other countries a tariff break of 90 days until July 8, 2025, as the country's leaders pledged to negotiate with the US, although China remains an exception.

Beijing is also implementing other economic measures as a form of statement to "fight until the end" such as by limiting exports of rare earth minerals and filing a number of lawsuits against the US in the World Trade Organization (WTO).

Based on the US Trade Representative website, the total trade value of the US and China in 2024 reached 582.4 billion US dollars. Exports of US goods to China reached USD 143.5 billion while Chinese exports to the US reached USD 438.9 billion so that the US experienced a trade deficit in goods with China reaching USD 295.4 billion.