Geneva: Chinese Vice Premier He Lifeng held trade and economic talks in Geneva on Saturday with US Treasury Secretary Scott Besant, marking a first step toward defusing the ongoing trade war between the two nations.

According to National Iraqi News Agency, the meeting follows weeks of escalating tensions between the United States and China, resulting in a significant increase in import tariffs. The tariffs between the world’s two largest economies have reached nearly 145%.

US President Donald Trump announced yesterday that imposing 80% tariffs on Chinese goods “seems like the right decision,” suggesting for the first time a specific alternative to the current 145% tariffs on Chinese imports.