U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with their Chinese counterparts for trade negotiations in Switzerland this week, their offices said on Tuesday.

Both Bessent and Greer will meet with Swiss President Karin Keller-Sutter, and will also meet with their counterparts from the People’s Republic of China “to discuss trade matters,” their respective offices said in a statement. The two will travel to Switzerland on May 8.

“I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the United States,” Bessent said in a statement. 

China’s Foreign Minister said that Vice Premier He Lifeng, Beijing’s lead official in U.S.-China trade matters, will meet Bessent in Switzerland, according to NBC. 

The talks mark a potential thaw in Sino-U.S. relations, after the two countries became embroiled in a bitter trade war through April. U.S. President Donald Trump had imposed 145% tariffs on Chinese goods, drawing retaliatory measures of 125% from Beijing. 

The tariff exchange had rattled global markets with the prospect of widespread economic disruptions, with recent data points from China and the U.S. already showing some deterioration. 

U.S. stock index futures- which had initially fallen on Tuesday evening- rose after the trade talks were announced. S&P 500 Futures were up 0.7% by 19:15 ET (23:15 GMT). 

The announcement of the talks in Switzerland comes following some encouraging comments from both Chinese and U.S. officials, that they were open to trade talks. Bessent has also repeatedly warned that the steep trade tariffs were unsustainable, and that he expects deescalation soon.