US and Chinese officials are set to start talks this week to try to deescalate a trade war between the world’s two biggest economies.

Chinese Vice Premier He Lifeng will attend the talks in Switzerland from 9 to 12 May, China’s Ministry of Foreign Affairs says.

US Treasury Secretary Scott Bessent and US Trade Representative (USTR) Jamieson Greer will represent Washington at the meeting, their offices announced.

Since returning to the White House in January, President Donald Trump has imposed new import taxes on Chinese goods of up to 145%.

Beijing has hit back with levies on some goods from the US of 125%.

It will be the first high-level interaction between the two countries since Chinese Vice-President Han Zheng attended Trump’s inauguration in January.

Mr Bessent said he looked forward to rebalancing the international economic system to better serve the interests of the US.

“My sense is that this will be about de-escalation, not about the big trade deal, but we’ve got to de-escalate before we can move forward,” he said in an interview with Fox News.

“If the United States wants to resolve the issue through negotiations, it must face up to the serious negative impact of unilateral tariff measures on itself and the world,” a Chinese commerce ministry spokesperson said on Wednesday morning.

Chinese State Media reported that Beijing had decided to engage with the US after fully considering global expectations, the country’s interests and appeals from American businesses.

The report added that China’s is open to talks but reiterated that if the country decides to continue to fight this trade war – it will fight to the end.

The trade war has triggered turmoil in financial markets and sent shockwaves across global trade.