Treasury Secretary Scott Bessent will lead the U.S. negotiations on trade with China, an administration official said Wednesday. The confirmation, while not unexpected, signals the importance the administration is placing on the negotiations as President Donald Trump’s trade war with China begins wreaking havoc on U.

Stocks rose on Wall Street as China steps up measures to shore up its economy and gears up for trade talks with the U.S.

Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet Chinese officials, but expectations for a breakthrough in their trade war are low.

Tensions are high between the US and China ahead of a planned trade talk, and the dueling superpowers can't even agree on who initiated the meeting. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced this week that they'll will be meeting with their Chinese counterparts in Switzerland this weekend to discuss US-China trade relations as Trump's heavy tariffs remain in effect and the trade war rages on.

China’s central bank has cut a key interest rate as U.S. tariffs threaten the economy. People’s Bank of China Governor Pan Gongsheng announced Wednesday that the lending rate to commercial banks would be reduced by 0.

China will cut its key policy rate by 10 basis points and lower the reserve requirement ratio by 50 basis points.