US and China set to start tariffs talks this week

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, 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%.

China's commerce ministry said Mr He will visit Switzerland from 9 to 12 May to hold talks with Mr Bessent.

"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.

"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," Mr Bessent said in an interview with Fox News.

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