This development once again highlighted the depth of trade tensions and mutual distrust between the two countries.

Hope Began, Uncertainty Ended

Talks held behind closed doors in Switzerland’s diplomatic capital Geneva were being closely watched due to more than 100% tariffs and disruptions in global supply chains. However, expectations quickly collapsed when the Chinese delegation walked out of the meeting.

Although the exact location of the meeting was kept confidential, the appearance of both delegations leaving the UN Swiss Embassy residence in the morning confirmed that talks had taken place. Just hours later, it was reported that the Chinese delegation returned to their hotel and left the city without further comment.

Washington’s Demands, Beijing’s Reaction

US Treasury Secretary Scott Bessent attended the meeting along with US Trade Representative Jamieson Greer. The US administration is demanding that China shift to a more domestically-driven economy and reduce its trade surplus through significant structural reforms.

Beijing, however, considers these demands as foreign interference and is calling for the US to treat it as an equal partner and to clarify and review the imposed tariffs.

Trump’s Harsh Statement: New Tariff Rate on the Agenda

While the talks were ongoing, President Donald Trump proposed a new 80% tariff on Chinese goods. This statement, introduced in the context of the current 145% tariffs already in place, might have played a role in Beijing’s decision to leave the table.

Trump claimed the talks began at China’s request, whereas Beijing maintained that it was invited by the US, approaching the process with caution.

Switzerland’s Mediation Fell Short

Switzerland, which had recently been in close contact with both Beijing and Washington, played a mediating role in arranging the meeting. Swiss Economy Minister Guy Parmelin described the launch of the talks as “an achievement in itself.” However, this sudden breakdown has weakened hopes for the continuation of dialogue.

Investors Worried, Global Markets on Edge

China’s move may trigger a new wave of uncertainty in global markets. Experts note that the failure of the talks could have negative repercussions, particularly across Asian and European markets.

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