The Trump administration is weighing a dramatic tariff reduction during weekend talks with China to de-escalate tensions and temper the economic pain both countries are already starting to feel. People familiar with preparations for the talks,

Top U.S. trade officials are in Switzerland this weekend for crucial negotiations with China that could shape the future of the global economy. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are leading the delegation in what marks the first in-person meeting between the two countries since the onset of a punishing trade war.

The meeting is the strongest sign yet that the world's two biggest economies are ready to deescalate their trade war.