&imwidth=800&imheight=600&format=webp&quality=medium "Trump, Xi Jinping to talk soon over trade deal? US treasury secy says talks with China stalled, needs leaders' intervention")
US Treasury Secretary Scott Bessent on Thursday (May 30) said that trade negotiations with China are currently stalled and may require direct involvement from US President Donald Trump and Chinese President Xi Jinping. His statement comes weeks after US and China announced a 90-day truce amid tit-for-tat tariff announcements. Speaking to Fox News, Bessent highlighted the complexity of the talks and said progress has slowed since truce reached earlier this month.
“I think that given the magnitude of the talks, given the complexity, that this is going to require [leaders of both the countries] 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 [Donald] Trump makes his [preferences] known,” he added.
On May 11, Bessent and Trade Representative Jamieson Greer said that they reached "substantial progress" in high-stakes trade talks with China. In a big breakthrough, the world's two largest economies agreed to reduce tariffs imposed on each other's imports, cancel some tariffs and suspend others for 90 days by May 14.
“I believe that we will be having more talks with them in the next few weeks,” Bessent said in the interview, adding that there may be a call between the two countries’ leaders “at some point.”
Trump and Jinping last spoke in January, just before the US president was sworn in for his second term. Meanwhile, Trump on May 29 took to Truth Social stating that China has violated the agreement with the US. “The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” he wrote. He also said that China was in grave economic danger.
US-China Trade War
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The meeting in Switzerland that led to a tariff truce was the first face-to-face interaction between senior American and Chinese economic officials since Trump took office and launched a global tariff blitz that started with declaring a national emergency over the U.S. fentanyl crisis, imposing a new 20% tariff on Chinese goods in February.
Trump followed with a 34% "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $600 billion in two-way trade to a standstill.
This development comes after Trump said on Friday that an 80% tariff on Chinese goods "seems right," suggesting for the first time a specific reduction target.
