China, U.S. high-level economic, trade meeting continues in Geneva

High-level meetings on economic and trade affairs between China and the United States entered their second day in the Swiss city of Geneva on Sunday.

On the first day of the talks, held Saturday in the Geneva suburb of Cologny, the delegations arrived at around 10:00 local time and left around 20:00.

The meetings are the first time that China and the United States have held talks since the Trump administration's imposition of heavy tariffs on Chinese goods. The meeting place of Geneva, Switzerland is famed for its neutrality, home of the World Trade Organization and a place with a long tradition of hosting international talks and bringing opposing parties around the table.

The Chinese foreign ministry said they agreed to these talks after communication from the United States, also saying China's position has not changed. This tariff war was initiated by the United States. If the U.S. truly wishes to resolve the issue through dialogue and negotiation, it should stop making threats and exerting pressure, and engage in discussions with China on the basis of equality, mutual respect, and reciprocity, saying it will firmly safeguard its legitimate rights and interests, uphold international fairness, defend the rules of the World Trade Organization and the multilateral trading system.

At the end of Saturday, with information still scarce on the ground, it was evident that there had been tireless efforts behind the scenes to prepare for these talks. However, the specific details of the agenda and discussions remain undisclosed.

The Chinese delegation is led by Vice Premier He Lifeng, and U.S. Treasury Secretary Scott Bessent heads up the U.S. team.

On Saturday, U.S. President Donald Trump said "80 percent tariffs on China seems right, it's up to Scott Bessent," showing Bessent's scope and remit.

Saturday's talks are anticipated to serve as an icebreaker. Tensions have escalated in rhetoric over recent weeks, with China reiterating its stance against coercion. However, the positive development of both China and the United States, the world's largest economies, convening at the same table is noteworthy.

China, U.S. high-level economic, trade meeting continues in Geneva

China, U.S. high-level economic, trade meeting continues in Geneva

U.S. stocks finished slightly higher on Monday, staging a late-session recovery as investors navigated a volatile landscape marked by a criminal probe into the Federal Reserve leadership.

The Dow Jones Industrial Average rose 86.13 points, or 0.17 percent, to 49,590.2. The S&P 500 added 10.99 points, or 0.16 percent, to 6,977.27. The Nasdaq Composite Index increased by 62.56 points, or 0.26 percent, to 23,733.9. Despite the positive close, the market experienced significant intraday turbulence, with the Dow dropping nearly 500 points at its session lows.

Nine of the 11 primary S&P 500 sectors ended in positive territory. Consumer staples and industrials led the gainers, rising 1.42 percent and 0.75 percent, respectively. Financials and energy were the primary laggards, declining 0.8 percent and 0.66 percent.

Market sentiment was initially shaken by an announcement on Sunday from Fed Chair Jerome Powell, who confirmed that federal prosecutors are investigating him over the Fed's multi-billion-dollar project to renovate its headquarters. Powell characterized the probe as an attempt by the Trump administration to compromise the Fed's independence.

Further weighing on the financial sector was a proposal by U.S. President Donald Trump to cap credit card interest rates at 10 percent for one year, which triggered a sell-off in banking stocks amid concerns over restricted lending and reduced profitability. Capital One shares plummeted 6.42 percent, while Citigroup, JPMorgan and Bank of America also recorded losses.

In contrast, retail giant Walmart led the Dow's advance, climbing 3 percent following news of its upcoming inclusion in the Nasdaq 100 index. The company also announced a strategic partnership with Google's Gemini AI to enhance the digital shopping experience.

Investors are awaiting Tuesday's release of the U.S. consumer price index for December 2025. Following last week's cooling labor market data, market participants increasingly expect the Fed to maintain interest rates at their current levels during the upcoming January meeting.

U.S. stocks close higher amid criminal probe into Fed chair Powell