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The U.S. treasury secretary and America’s top trade negotiator began talks with high-ranking Chinese officials in Switzerland Saturday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy.

The Swiss government said its talks with Bessent and US Trade Representative Jamieson Greer were “convivial and constructive” and were aimed to lay out the guidelines for a deal on the issue of customs duties to be discussed again in coming weeks.