China and the United States start their first major Trade War Two meeting on Saturday to pull back from what analysts describe as a lose-lose situation for their economies, without much clarity on what a win would look like for either side.

U.S. and Chinese officials are set to meet in Switzerland to discuss potentially de-escalating the trade spat that has resulted in high tariffs for each country.

"Everything that's been going on with the meeting in Switzerland is very promising to us," Hassett said in an interview with CNBC. "We're seeing extreme respect, treating both sid