Daily SumUp

US and Chinese officials are set to start talks this week to try to deescalate a trade war between the world's two biggest economies.

Chinese Vice Premier He Lifeng will attend the talks in Switzerland from 9 to 12 May, China's Ministry of Foreign Affairs says.

US Treasury Secretary Scott Bessent and US Trade Representative (USTR) Jamieson Greer will represent Washington at the meeting, their offices announced.

Since returning to the White House, President Donald Trump has imposed new import taxes on Chinese goods of up to 145%. Beijing has hit back with levies on some goods from the US of 125%.

But global trade experts have told the BBC that they expect negotiations to take several months.