America has imposed at least a 145% duty on Chinese imports, while China retaliated with a 125% tariff on US goods|JAXPORT|CC BY-NC 2.0

Top US and Chinese officials are set to meet in Geneva, Switzerland, this week to de-escalate the ongoing tit-for-tat trade war between the countries that has affected several industries and global markets.

Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will attend the talks. Bessent warned that no major trade deal is expected.

It is the first in-person meeting between the nations’ officials since tariffs began in March.

America has imposed at least a 145% duty on Chinese imports, while China retaliated with a 125% tariff on US goods. The levies have sharply reduced trade between the two nations, which means consumers could face shortages in some items, higher prices, and could cause economic slowdowns in the countries.

Chinese cargo ships to the US fell 60% in April, according to logistics broker Flexport.

Wall Street rallied on the news of the talks between the two countries, with Dow, S&P, and Nasdaq futures up by 0.6%, 0.7%, and 0.8%, respectively.