“A bit stalled” is how US Treasury Secretary Scott Bessent has described trade negotiations between the US and China. Less than three weeks have passed since the two biggest economies in the world agreed to lower tit-for-tat tariffs as part of a temporary trade truce.
Bessent told Fox News on Thursday, ” Given the magnitude of the talks, given the complexity, this is going to require [leaders of both countries] to weigh in with each other.”
On Wednesday, the finding that Donald Trump had overreached his power handed a setback to his worldwide tariff system. The White House appealed the ruling, and his intentions were temporarily revived.
While acknowledging that negotiations on a new agreement had stalled, Bessent emphasised that they were still ongoing. I think we will be having more talks with [China] in the weeks to come, and I hope we may at some point have a call among the president and [Chinese President Xi Jinping],” Bessent indicated on Thursday.
A “very good relationship” existed between the two, he continued, and he was “confident that the Chinese will come to the table when President Trump makes his preferences known.” The US reduced its duties on Chinese imports from 145% to 30% as part of the agreement reached earlier this month. Retaliatory duties imposed by China on US exports decreased from 125% to 10%.
According to the US president, imposing tariffs on foreign goods will encourage American customers to purchase more American-made items, restoring manufacturing jobs and raising more tax income.
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