(9 May 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Geneva – 9 May 2025
1. Various exteriors of venue where US Secretary of the Treasury Scott K.H. Bessent will meet Swiss President Karin Ketter-Sutter
STORYLINE:
US Treasury Secretary Scott Bessent will meet Swiss President Karin Ketter-Sutter on Friday in Geneva.
Bessent will then hold talks with a high-level Chinese delegation on Saturday in the first major talks between the two nations since President Donald Trump sparked a trade war with stiff tariffs on imports.
It comes as China announced a barrage of measures meant to counter the blow to its economy from Trump’s trade war.
Beijing’s central bank governor and other top financial officials outlined plans on Wednesday to cut interest rates and reduce bank reserve requirements to help free up more funding for lending.
They also said the government would increase the amount of money available for factory upgrades and other innovation and for elder care and other service businesses.
Trump’s tariffs, set as high as 145% on imports from China, have begun to take a toll on its export-dependent economy at a time when it’s already under pressure from a prolonged downturn in the property sector.
China has retaliated with tariff hikes of up to 125% on U.S. goods and stopped buying most American farm products.
Late Tuesday, China and the U.S. announced plans for talks between Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng later this week in Geneva, Switzerland.
The agreement to talk comes at a time when both sides have remained adamant, at least in public, about not compromising on the tariffs.
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