Trump and China close in on trade deal after productive talks, Bessent says

Treasury Secretary Scott Bessent announced on Sunday that significant progress has been made in the trade negotiations between the Trump administration and China. Bessent shared that detailed information would be provided the following day, emphasizing that the talks were fruitful. He highlighted the involvement of key officials from both sides, including Vice Premier, two Vice Ministers, Ambassador Jamieson Greer, and himself. Bessent also mentioned that he and Ambassador Jamieson had briefed President Trump on the developments.

In an effort to address the persistent trade deficit with foreign countries, the Trump administration has imposed tariffs as high as 145% on Chinese goods. Following a temporary pause on the reciprocal tariff plan for multiple nations, Trump intensified the trade dispute with China after Beijing retaliated with tariffs on U.S. goods. The recent discussions in Switzerland between Bessent, U.S. Trade Representative Jamieson Greer, and their Chinese counterparts aimed to explore economic prospects for both countries.

Trump took to Truth Social to share updates on the negotiations, expressing optimism for a positive outcome. He highlighted the need for China to open up to American businesses for the mutual benefit of both nations. The Ministry of Commerce in China acknowledged receiving a proposal from the U.S. to engage in talks regarding the imposed tariffs on Chinese goods.

The administration’s willingness to engage in trade negotiations with China was reiterated, with Trump indicating readiness for discussions. The recent developments with China follow the signing of a trade deal with the UK, marking the first agreement since the announcement of tariffs on various nations. The UK deal reaffirmed the principles of reciprocity and fairness in international trade, with a focus on increased market access for American exports, particularly in the agricultural sector.

The UK trade agreement maintains existing tariffs on UK goods while easing import taxes on specific items like steel and cars. These recent developments underscore the administration’s efforts to address trade imbalances and promote fair trade practices. Stay tuned for further updates on the ongoing trade negotiations and their implications on the global economic landscape.