U.S. Treasury Secretary Scott Bessent stated Thursday in an interview with Fox News that trade negotiations between the United States and China have “stalled,” despite a recent agreement earlier this month to reduce tariffs.
“I think considering the importance and complexity of these negotiations, it will require the leaders of both countries to engage directly with each other,” said Bessent.
Earlier this month, the U.S. and China reached a deal in Switzerland to reduce tariffs imposed on each other’s imports. As part of the agreement, some specific tariffs were canceled, while others were suspended for 90 days.
Bessent noted that talks toward a broader deal have lost momentum but are still ongoing.
“I believe we’ll hold more talks with China in the coming weeks, and I expect a phone call between President Trump and Chinese President Xi Jinping,” he said.
He emphasized that the two countries maintain a “very good relationship” and expressed optimism that “the Chinese will come to the table once President Trump outlines his preferences.”
Under the current agreement, the U.S. reduced tariffs on Chinese goods from 145% to 30%, while China’s retaliatory tariffs dropped from 125% to 10%.
