Trade Talks Between US and China Hit a Snag, Says Treasury Secretary

[Social Media]

 

Trade Talks Between US and China Hit a Snag, Says Treasury Secretary

 

Trade negotiations between the United States and China have stalled, according to US Treasury Secretary Scott Bessent, casting doubt on the recent optimism surrounding progress in the economic relationship between the world’s two largest economies. Less than three weeks after a temporary truce saw both nations agree to roll back certain tariffs, Bessent confirmed on Thursday that talks have lost momentum.

 

“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 in an interview with Fox News. His remarks come as a reality check following the announcement of a tentative agreement reached earlier this month in Switzerland, which aimed to ease tensions by canceling some tariffs and suspending others for a 90-day period ending May 14.

 

The trade detente had been seen as a step forward after years of escalating tariffs, particularly during Donald Trump’s administration, which had imposed aggressive import taxes on a broad range of Chinese goods. However, the momentum appears to have waned, and further progress is now uncertain.

 

The temporary deal had seen the United States reduce tariffs on Chinese imports from 145% to 30%, while China lowered its retaliatory tariffs on US goods from 125% to 10%. Despite this mutual concession, the road to a more comprehensive agreement appears rocky.

 

Bessent emphasized that discussions are still ongoing but acknowledged that the pace has slowed. “I believe that we will be having more talks with [China] in the next few weeks and I believe we may at some point have a call between the president and [Chinese President Xi Jinping],” he said. He also noted the importance of direct engagement between the leaders, suggesting it could be key to reigniting progress.

 

According to Bessent, President Trump and President Xi maintain “a very good relationship,” and he expressed optimism that Beijing would respond to Trump’s involvement. “I’m confident that the Chinese will come to the table when President Trump makes his preferences known,” he added.

 

Meanwhile, Trump’s broader tariff strategy faced legal challenges this week. A court ruling determined that he had exceeded his authority in implementing certain trade measures, delivering a setback to his administration’s trade policy. The ruling has been temporarily suspended following an appeal by the White House, allowing the tariff plans to continue for now.

 

While the recent developments suggest a possible opening for renewed dialogue, the stalling of formal negotiations underlines the ongoing complexity of the trade relationship. With the 90-day suspension of some tariffs due to expire soon, and with high stakes for industries on both sides, the next few weeks may prove pivotal in determining whether this temporary thaw can be turned into lasting progress.

 

  Adapted by ASEAN Now from BBC  2025-05-31

 

 

[Tug]

I smell a distraction coming.

[HappyExpat57]

35 minutes ago, Tug said:

I smell a distraction coming.

 

Oh, you mean an hour has passed since the last distraction?

[JAG]

Perhaps the Chinese declined to kiss the spray tanned arse?

[spidermike007]

GM just announced they're moving the majority of their production overseas due to Trump getting in the way of American manufacturing. 

 

 

[Srikcir]

58 minutes ago, spidermike007 said:

His tariffs are endangering U.S. companies’ access to global markets and supply chains.

Ford and GM are leaving the US instead of expanding manufacturing in the US as Trump forecast.

Some foreign auto makers who have manufacturing in the US are also leaving.

[Srikcir]

10 hours ago, Social Media said:

Bessent confirmed on Thursday that talks have lost momentum.

That is happens when you lie about alleged events.

[metisdead]

A post with content copy and pasted from the New York Times in violation of our fair use policy and the replies have been removed:

 

27. You will not post any copyrighted material except as fair use laws apply (as in the case of news articles). Only post a link, the headline and three sentences from the article. Content in the public domain is limited to the same restrictions.

[spidermike007]

55 minutes ago, Srikcir said:

Ford and GM are leaving the US instead of expanding manufacturing in the US as Trump forecast.

Some foreign auto makers who have manufacturing in the US are also leaving.

Trump is doing an excellent job of making America less relevant, destroying the economy, and laying waste to decades of progress. What the goons true agenda is, one has to wonder. One thing is perfectly clear, it has nothing to do with making America great again. 

[JAG]

Winning eh?

[BKKKevin]

 “I’m confident that the Chinese will come to the table when President Trump makes his preferences known,”...

 

Three dementia chess... 

[Tug]

15 hours ago, BKKKevin said:

 “I’m confident that the Chinese will come to the table when President Trump makes his preferences known,”...

 

Three dementia chess... 

and a diaper…….