Michael Schuman: “The United States and China are finally going to talk. This weekend, U.S. Treasury Secretary Scott Bessent will meet Chinese Vice Premier He Lifeng in Switzerland to begin negotiations over the trade war that has strangled commerce between the two powers, ever since Donald Trump assumed the presidency and imposed additional tariffs of 145 percent on Chinese imports.
”“Trump’s negotiating position will be the weaker one. Already in recent months, U.S. policy has appeared to vacillate, its strategy and goals uncertain, while Chinese leader Xi Jinping has held fast, presented an image of strength, and kept his larger geopolitical goals in focus. China has taken the opportunity of the chaos of Trump’s trade policy to draw other countries, including American allies, closer to itself.”
“None of this was the White House’s plan. When he imposed the tariffs, Trump seems to have expected that Xi would rush to negotiate their removal. Instead, the Chinese leader matched Trump tariff for tariff and hit back at the United States.”