Following a temporary truce in tariffs between the US and China, official discussions have lost momentum. US Treasury Secretary Scott Bessent emphasizes the need for further negotiations, hinting at future communication between the leaders of both countries.
US-China Trade Negotiations Encounter Stalemate Amidst Tensions
US-China Trade Negotiations Encounter Stalemate Amidst Tensions
US Treasury Secretary Scott Bessent states trade talks with China are currently stalled despite recent agreements on tariffs.
Trade discussions between the U.S. and China have hit a snag, just weeks after the two nations reached a temporary agreement to ease trade war tensions. U.S. Treasury Secretary Scott Bessent has acknowledged that current negotiations are "a bit stalled," revealing the complexities involved in reaching a more comprehensive deal.
His remarks came during an appearance on Fox News, where Bessent expressed hope for forthcoming talks, including the possibility of a direct conversation between President Trump and Chinese President Xi Jinping in the near future. He noted that the two leaders have a "very good relationship," and he remains optimistic that China will engage constructively.
The backdrop to these negotiations includes a recent legal ruling impacting Trump's tariff policies, which indicated he had exceeded his authority in the imposition of tariffs. The ruling temporarily reinstated the tariffs after an appeal by the White House. Under the temporary truce agreed upon earlier this month, tariffs on U.S. imports from China were reduced from 145% to 30%, while Chinese tariffs on U.S. goods decreased from 125% to 10%.
Bessent remarked on the ongoing discussions, stating, "I believe that we will be having more talks with [China] in the next few weeks." He added that while some trade deals are nearing completion, others remain complex and challenging. Analysts, however, speculate that the recent court ruling may dissuade countries from rushing to finalize trade agreements with the U.S.
In the landscape of U.S. trade negotiations, Japan is also holding talks with U.S. officials, indicating that international trade dynamics remain fluid. With Trump's tariff strategy still in a state of uncertainty following judicial scrutiny, the economic climate poses significant challenges and opportunities in U.S. trade policy.
