The Blubber

Senior U.S. and Chinese officials concluded the first day of high-stakes trade negotiations in Switzerland on Saturday, aiming to ease a tariff conflict that has cast a shadow over the global economy. Talks are set to continue Sunday, according to a source familiar with the discussions.

Chinese Vice Premier He Lifeng met for roughly eight hours with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer in Geneva. It marked the first in-person engagement between the two sides since the United States and China imposed tariffs exceeding 100% on each other’s goods.

The meetings, held at the residence of Switzerland’s ambassador to the United Nations, wrapped up around 8 p.m. local time (1800 GMT) with no formal statements issued by either party. There was no public indication of progress toward easing the punishing tariffs that have brought nearly $600 billion in annual bilateral trade to a near halt.

The Geneva talks come after months of escalating trade tensions sparked by President Donald Trump’s tariff offensive that began in February. Beijing responded in kind, leading to a broader fallout that has snarled supply chains, rattled markets, and fueled concerns of a global economic slowdown.

Discrete Setting

Though the venue for the negotiations was not officially disclosed, both delegations were seen returning after a midday break to the secluded ambassadorial villa in Cologny, a quiet suburb overlooking Lake Geneva. The property includes a private park and offers a discreet setting for sensitive diplomatic engagements.

Ahead of the talks, Bessent and Greer were spotted departing their hotel in high spirits, donning red ties and American flag pins. They declined to speak to reporters. Meanwhile, blacked-out Mercedes vans left the hotel housing the Chinese delegation, while local marathon runners warmed up nearby under sunny skies.

Washington’s goals include narrowing the $295 billion trade gap with Beijing and urging China to move away from what U.S. officials describe as a state-driven, mercantilist model. The U.S. also seeks greater Chinese participation in global consumption, a shift that would necessitate politically delicate domestic changes in China.

Beijing, however, has pushed back firmly. Chinese officials are demanding a rollback of tariffs, clarity on U.S. expectations regarding imports, and recognition of China as an equal player on the world stage.

In a Saturday commentary, China’s state-run Xinhua News Agency criticized what it termed the U.S.'s “reckless abuse of tariffs” for disrupting the global economic order. Still, the piece acknowledged that the Geneva negotiations were “a positive and necessary step to resolve disagreements and avert further escalation.”