Only Trump-Xi talks can revive stalled US-China deal, says US Treasury Sec

The remarks from Scott Bessent come two weeks after the two nations agreed to a 90-day tariff pause along with mutual reductions

US Treasury Secretary Scott Bessent on Thursday (local time) said trade talks between the US and China are a “bit stalled”, adding that bringing a deal to the finish line would require direct talks between US President Donald Trump and his Chinese counterpart, Xi Jinping.

 

The remarks from Bessent come two weeks after the two nations agreed to a 90-day tariff pause along with mutual reductions.   Speaking to Fox News, he said that the progress since the truce in Geneva has been slow, however, he expects more talks with the Chinese counterparts in the coming few weeks 

He stated, “I believe we may at some point have a call between the president and party Chair Xi”. Bessent further added, “Given the magnitude of the talks, given the complexity ... this is going to require both leaders to weigh in with each other. They have a good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known.” 

 

 

Visa row adds to US-China strain

 

A Reuters report suggests that while the 90-day tariff truce on triple-digit tariffs offered massive relief to the global stocks, it did not address the underlying reasons for Trump’s tariffs on Chinese goods.

 

Bessent’s remarks come a day after Marco Rubio, the US Secretary of State, announced the Trump administration’s decision to revoke visas of Chinese students in touch with the Communist Party of China or those enrolled in “critical fields”. Bilateral tensions between the two countries are on the rise again, since China has lodged a formal protest over this decision of the Trump administration. 

 

Bessent’s remark on trade deals

 

Bessent also informed Fox News that several large trade deals are near. This comes after the US agreed to a first tariff negotiation deal with the UK. Countries have been rushing to secure a deal with the US before the 90-day deadline on the tariff pause ends on July 9.

 

Bessent's remarks come after the US Court of International Trade blocked Trump's 'Liberation Day' tariffs, stating that most of the tariffs imposed were illegal and should be reversed. However, earlier today, an appeals court temporarily reinstated the tariffs.