China deal close but not done, US Treasury secretary says
US negotiators "pushed back quite a bit" over two days of trade talks with the Chinese in Stockholm this week, Bessent said in an interview with CNBC.
"I believe that we have the makings of a deal," Bessent said.
China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals.
Bessent said he and US Trade Representative Jamieson Greer will speak to President Donald Trump later on Thursday about the August 12 deadline.
"There's still a few technical details to be worked out on the Chinese side between us. I'm confident that it will be done, but it's not 100 per cent done, he said.
Many countries are rushing to cut deals ahead of August 1, when Trump has promised higher tariffs will kick in.
On India, Bessent said he did not know what would happen in trade talks, citing India's dealings with Russia. "They have not been a great global actor."
Asked if movement was possible before the Friday deadline, Bessent said: "I don't know what's going to happen. It will be up to India. India came to the table early. They've been slow rolling things. So I think that the president, the whole trade team, has been frustrated with them."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
24 minutes ago
- The Star
Trump plans to meet with Putin as soon as next week, New York Times reports
FILE PHOTO: U.S. President Donald Trump and Russia's President Vladimir Putin talk during the family photo session at the APEC Summit in Danang, Vietnam November 11, 2017. REUTERS/Jorge Silva/File Photo WASHINGTON (Reuters) -U.S. President Donald Trump plans to meet in person with Russian President Vladimir Putin as early as next week, the New York Times reported on Wednesday, citing two people familiar with the plan. Trump then plans to meet with Putin and Ukrainian President Volodymyr Zelenskiy, the newspaper reported, adding that the plans were disclosed in a call with European leaders on Wednesday. The White House did not immediately respond to the report but earlier on Wednesday Trump acknowledged that he spoke with European leaders after U.S. envoy Steve Witkoff's "highly productive" meeting with Putin in Russia. While noting that "great progress" was made during the meeting, Trump wrote on Truth Social: "Everyone agrees this War must come to a close, and we will work towards that in the days and weeks to come." Trump, who promised to end Russia's war in Ukraine on "day one" during his presidential campaign, has held several phone calls with Putin and has met with Zelenskiy since returning to the White House in January. However, in recent weeks, he has become increasingly frustrated with Moscow over a lack of progress towards ending the three-year conflict. (Reporting by Jasper Ward and Andrea Shalal, Editing by Franklin Paul)
The Star
an hour ago
- The Star
Zelenskiy says Russia seems more inclined now to a ceasefire
FILE PHOTO: Ukrainian President Volodymyr Zelenskiy speaks during a press conference on the first day of the two-day Ukraine Recovery Conference (URC2025), on plans for the reconstruction of Ukraine, in Rome, Italy, July 10, 2025. REUTERS/Guglielmo Mangiapane/File Photo KYIV (Reuters) -Ukrainian President Volodymyr Zelenskiy said on Wednesday that Russia seemed "more inclined" to a ceasefire, but details of a potential deal are of great significance and neither Ukraine nor the U.S. should be deceived by Moscow. President Donald Trump said his special envoy Steve Witkoff's meeting with Russian leader Vladimir Putin on Wednesday delivered "great progress," but Trump gave no specifics. Following the meeting, Zelenskiy had a call with Trump, joined by European allies. "Ukraine will definitely defend its independence. We all need a lasting and reliable peace. Russia must end the war that it itself started," Zelenskiy said on X. Trump, who has signalled frustration with Putin in recent weeks and has given the Russian president until Friday to make peace with Ukraine or face tougher sanctions, hailed Witkoff's visit as highly productive. But a White House official said the secondary sanctions that Trump has threatened against countries doing business with Russia were still expected to be implemented on Friday. An executive order introducing additional 25% tariffs on India for Russian oil imports was signed on Wednesday. "The pressure on (Russia) works. But the main thing is that they do not deceive us in the details – neither us nor the U.S.," Zelenskiy said. Ukraine has repeatedly called for an immediate and unconditional ceasefire. Russia, which now controls about a fifth of Ukrainian territory and proceeds with its advances on the eastern front, rejected the idea. National security advisers from Ukraine and allied nations were to meet soon to work out a "joint stance", Zelenskiy added. (Reporting by Yuliia Dysa; Editing by Leslie Adler)
The Star
3 hours ago
- The Star
China, Zimbabwe ink cooperation deal, food assistance package
HARARE, Aug. 6 (Xinhua) -- China and Zimbabwe on Wednesday signed an agreement on economic and technical cooperation and exchange of letters for a new batch of food assistance to boost Zimbabwe's socio-economic development and food security. Zimbabwean President Emmerson Mnangagwa presided over the signing ceremony at the State House, where Zimbabwean Minister of Finance and Economic Development Mthuli Ncube thanked China for its continued support to various economic sectors in Zimbabwe. He said that the previous economic and technical cooperation agreement signed between the two countries in 2020 has supported, among other projects, the drilling of boreholes across the country and the implementation of the Juncao technology assistance project that helps Zimbabwean farmers to cultivate hybrid grass rich in protein. "The government of Zimbabwe sincerely appreciates and acknowledges the emergency food assistance continuously received from China," Ncube said. "Indeed, China has demonstrated that they are our all-weather friend through the invaluable support they have consistently rendered to the people of Zimbabwe." For his part, Chinese Ambassador to Zimbabwe Zhou Ding said the agreements were a testimony of the resilient ties between the two countries and the affirmation of China's unwavering solidarity with Zimbabwe. He said the economic and technical cooperation agreement, as well as the food assistance, were part of the 17 cooperation agreements signed between China and Zimbabwe during Mnangagwa's state visit to China last year. "Time and again, we have proven that we are bound by a shared future, standing side by side through every trial. We cherish this profound and enduring friendship, and will continue to stand together in the face of all challenges," Zhou said. The Chinese ambassador noted that the comprehensive strategic partnership of cooperation between the two countries has flourished across all Zimbabwean sectors, bringing tangible benefits to both nations and setting a shining example for South-South cooperation. China remains firmly committed to supporting Zimbabwe in realizing its Vision 2030 and advancing its socio-economic transformation, Zhou added.
