China’s trade envoy He Lifeng has met United States Treasury Secretary Scott Bessent in Switzerland for talks aimed at easing a trade war between the superpowers that is roiling global markets.

The first official engagement, since the U.S. slapped a 145 percent tariff on Chinese goods, prompting a retaliatory 125 percent duty from China, began on Saturday at an undisclosed location in Geneva, Switzerland, according to the Chinese state news agency Xinhua.