The United States and China have not yet begun formal trade negotiations, according to U.S. Treasury Secretary Scott Bessant, who testified today before the House Budget Committee.
“We have not started negotiations with China,” Bessant stated, emphasizing the ongoing focus on bilateral talks with other trade partners.
During the hearing, Bessant underscored the potential for multilateral trade agreements but noted that current U.S. efforts are primarily directed toward bilateral negotiations. He suggested that major progress is expected by the end of the year.
“About 97 to 98 percent of our trade deficit is with 15 countries,” he said. “I’d be surprised if we don’t conclude 80 to 90 percent of those agreements by year’s end — possibly sooner.”
The Treasury Secretary hinted that the U.S. may finalize trade deals with several major partners as early as this week, though China remains notably absent from that list.
“They’ve made some good offers,” Bessant said of other countries, “but we have not yet entered into negotiations with China.”
He reiterated that the Trump administration is actively engaged with 17 of its 18 most important trade partners, with China being the sole exception at this stage.
