The Trump administration and China will meet this weekend to discuss the trade war.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet with their Chinese counterparts next weekend in Switzerland to discuss economic and trade war issues, they announced Tuesday night.

Bessent, who had appeared before the House of Representatives in the morning and responded that negotiations with Beijing had not yet taken place, changed his tone hours later in an interview on Fox, where he announced the meeting. "We have shared interests," he stated. "The current tariff war is unsustainable, especially for the Chinese side," he clarified.

"A 145% tariff (imposed by the U.S.), a 125% tariff (the Chinese response) is the equivalent of an embargo. We don't want to disengage; what we want is fair trade," Bessent reiterated.

The meetings are expected to take place on both Saturday and Sunday. This meeting between the leaders of the two major world powers, whose influence is felt in other countries, is the first major step toward a potential resolution, or resolution, of the trade war declared by President Donald Trump on April 2.

"I have the feeling this will be a de-escalation, not a major trade deal," Bessent acknowledged. "But we have to de-escalate before we can move forward," he insisted. Analysts believe a possible agreement will take a long time, if it's reached, although both sides are interested in de-escalating this conflict due to the impact on their citizens.

Bessent and Greer are also scheduled to meet with Swiss President Karin Keller-Sutter.

The Chinese Foreign Ministry announced that Vice Premier He Lifeng, the top economic and trade official with the U.S., will lead the Beijing delegation.

“Economic security is part of national security, and I look forward to productive discussions toward rebalancing the economic system to better serve the interests of the United States,” Bessent emphasized.

Just this Tuesday, Trump reiterated that China wants to negotiate and that the US will do so at the right time. The US president also expressed frustration that "people are asking how many deals we're going to sign this week," given that he and his administration keep repeating that other countries are asking for bilateral talks.

"We don't have to sign deals; they're the ones asking to sign with us. They want a piece of our market, and we don't want a piece of theirs," Trump said.

Bessent explained in Congress that they are negotiating with 17 countries. White House sources indicated that an agreement could be announced this week. They indicated that the United Kingdom could be the first.