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US Treasury Secretary says trade talks with China 'stalled'
"I would say that they are a bit stalled," Bessent told broadcaster Fox News when asked about trade talks with Beijing.
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US Treasury Secretary Scott Bessent (right) and US Trade Representative Jamieson Greer arrive to deliver a news conference in Geneva on May 12, 2025, to give details of “substantial progress“ following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP/Fabrice Coffrini)
U
S Treasury Secretary Scott Bessent said Thursday trade negotiations with China were "a bit stalled" and suggested President Donald Trump and his Chinese counterpart Xi Jinping could get involved.
"I would say that they are a bit stalled," Bessent told broadcaster Fox News when asked about trade talks with Beijing.
"I believe that we will be having more talks with them in the next few weeks, and I believe we may, at some point, have a call between the President and Party Chair Xi," he added.
The world's two biggest economies agreed this month to pause reciprocal tariffs for 90 days, a surprise de-escalation in their bitter trade war following talks between top officials in Geneva.
Under the May 12 truce, Washington agreed to temporarily reduce the tariff on Chinese imports to 30 percent from 145 percent, while China said it would lower its import duty on American goods to 10 percent from 125 percent.
"I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other," Bessent said.
"They have a very good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known."
Since the mid-May deal, the Trump administration has concentrated on tariff negotiations with other major trading partners, including India, Japan and the European Union. Trump last week threatened 50 percent tariffs on EU goods, only to delay that threat.
A US trade court on Wednesday ruled that Trump overstepped his authority in imposing the bulk of his tariffs on imports from China and other countries under an emergency powers act. But less than 24 hours later, a federal appeals court reinstated the tariffs, saying it was pausing the trade court ruling to consider the government's appeal. The appeals court ordered the plaintiffs to respond by June 5 and the administration to respond by June 9.
Bessent said earlier that some trading partners, including Japan, were negotiating in good faith and that he detected no changes in their postures as a result of the trade court ruling. Bessent said he would meet with a Japanese delegation on Friday in Washington.
