Chinese Vice Premier He Lifeng met for about eight hours with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in their first face-to-face meeting.

China and the United States start their first major Trade War Two meeting on Saturday to pull back from what analysts describe as a lose-lose situation for their economies, without much clarity on what a win would look like for either side.

Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive import taxes they have imposed on each other’s goods since President Trump launched a trade war.