US and China to launch formal trade talks

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Washington and Beijing will this week hold their first talks on tariffs since US President Donald Trump launched a trade war against China that has rattled financial markets and triggered concerns about global supply chains.

Treasury secretary Scott Bessent and US trade representative Jamieson Greer would meet their Chinese counterparts in Switzerland later this week, according to the two officials.

The meeting marks the first high-level interaction between the countries since Chinese vice-president Han Zheng attended Trump’s inauguration in January.

“I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the United States,” said Bessent, who is set to fly to Switzerland on Thursday.

It comes as Washington and Beijing remain embroiled in a trade war. The US has imposed a 145 per cent tariff on imports from China, while China has put a retaliatory tariff of 125 per cent on American goods.

This is a developing story