Trade negotiations between the United States and China, which had recently celebrated a temporary truce, have encountered obstacles, according to US Treasury Secretary Scott Bessent. Speaking to Fox News, Bessent remarked on the stalled talks less than three weeks after both nations agreed to lower tariffs against one another.
Stalled Trade Talks Between US and China as Treasury Secretary Speaks Out
Stalled Trade Talks Between US and China as Treasury Secretary Speaks Out
US Treasury Secretary Scott Bessent indicates that trade discussions with China are currently not progressing, despite previous agreements to reduce tariffs.
Bessent noted that the complexity of the negotiations calls for further input from leadership on both sides. He is optimistic that more discussions will take place in the upcoming weeks, possibly even a direct call between President Trump and Chinese President Xi Jinping, as relationships between the leaders remain cordial. Earlier this month, a deal was brokered where the US reduced tariffs from 145% to 30% and China cut theirs from 125% to 10%. This agreement was made following negotiations in Switzerland.
Despite the good faith exhibited in prior arrangements, momentum has slowed in ongoing discussions about reaching a more comprehensive deal. Bessent expressed confidence that both parties will return to negotiations soon. Additionally, he mentioned ongoing talks with a Japanese delegation in Washington, indicating that while some trade deals are nearing completion, others are quite complex.
The future of Trump’s tariff regime hangs in the balance following a ruling that found he had overstepped authority in imposing tariffs. This decision has been appealed by the White House, with Trump taking to social media to express his dissatisfaction with the ruling, branded as "horrific." As the appeal process continues, analysts caution that countries may hesitate to engage in swift trade negotiations with the US, particularly under the current uncertainties surrounding tariffs.
Overall, both nations' trade discussions are pivotal, not just for economic relations but also for global trade dynamics. Further developments are critical in determining how these talks will unfold in the coming weeks.
Despite the good faith exhibited in prior arrangements, momentum has slowed in ongoing discussions about reaching a more comprehensive deal. Bessent expressed confidence that both parties will return to negotiations soon. Additionally, he mentioned ongoing talks with a Japanese delegation in Washington, indicating that while some trade deals are nearing completion, others are quite complex.
The future of Trump’s tariff regime hangs in the balance following a ruling that found he had overstepped authority in imposing tariffs. This decision has been appealed by the White House, with Trump taking to social media to express his dissatisfaction with the ruling, branded as "horrific." As the appeal process continues, analysts caution that countries may hesitate to engage in swift trade negotiations with the US, particularly under the current uncertainties surrounding tariffs.
Overall, both nations' trade discussions are pivotal, not just for economic relations but also for global trade dynamics. Further developments are critical in determining how these talks will unfold in the coming weeks.
