US Treasury Secretary says trade talks with China 'stalled'
US Treasury Secretary
Scott Bessent said Thursday trade negotiations with China were "a bit stalled" and suggested President Donald
Trump
and his Chinese counterpart Xi Jinping could get involved.
"I would say that they are a bit stalled," Bessent told broadcaster Fox News when asked about trade talks with Beijing.
"I believe that we will be having more talks with them in the next few weeks, and I believe we may, at some point, have a call between the President and Party Chair Xi," he added.
The world's two biggest economies agreed this month to pause reciprocal tariffs for 90 days, a surprise de-escalation in their bitter
trade war
following talks between top officials in Geneva.
Under the May 12 truce, Washington agreed to temporarily reduce the
tariff
on Chinese imports to 30 percent from 145 percent, while China said it would lower its import duty on American goods to 10 percent from 125 percent.
Live Events
"I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other," Bessent said.
"They have a very good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
41 minutes ago
- News18
'Biden Used To Get Lost In His Closet': US Senator Cites Secret Service Whistleblower
Last Updated: Senator Josh Hawley claimed a Secret Service whistleblower said Joe Biden got disoriented in the White House, even getting lost in his closet. He called it a major scandal. US Senator Josh Hawley has claimed that a Secret Service whistleblower once assigned to Joe Biden told him the former US President would get disoriented in the White House, so much so that he would 'get lost in his closet" in the mornings. The Missouri Republican made the remarks during an appearance on Fox News, where he spoke about alleged attempts by Democrats to cover up Biden's mental health struggles. 'This Secret Service whistleblower actually was assigned to Biden," Hawley told host Sean Hannity. 'He told me that Biden used to get lost in his closet in the mornings at the White House," he said, adding that the claim came during wider conversations with agents investigating assassination attempts on Donald Trump. Hawley described the incident as an example of what he called one of the 'biggest scandals in presidential history". 'I mean, the guy literally stumbling around in the White House residence couldn't find his way out of his own closet. The president of the United States. This is outrageous. We were lied to," Hawley further added. Hawley's remarks come at a time when multiple congressional panels are looking into former US President Joe Biden's mental fitness and how much control he actually exercised while in office. One of the key probes is being led by House Oversight Committee Chairman James Comer, who is investigating whether Biden's staff used an autopen to approve official directives and presidential pardons and that too possibly without Biden's direct involvement. As part of the inquiry, Comer has also sought testimony from Dr Kevin O'Connor, who served as the White House physician during Biden's term. The aim, Comer said, is to determine whether the 82-year-old former president was mentally fit to carry out the duties of the office. Oversight Committee Chairman James Comer has also questioned whether Dr Kevin O'Connor was fully transparent about Biden's health in public reports issued after his routine check-ups. Earlier this month, Biden disclosed that he is battling an aggressive form of prostate cancer, prompting speculation that the illness may have gone undiagnosed or unreported, while he was still in office. Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! First Published:
India Today
an hour ago
- India Today
India may escape impact of US steel tariff hike, but global fallout looms
In a move aimed at shielding American manufacturers, US President Donald Trump has announced that tariffs on imported steel and aluminium will double to 50 per cent, beginning June 4. The announcement came during a speech at a US Steel plant in Pennsylvania, where Trump declared, "We're going to bring it from 25 per cent to 50 per cent, the tariffs on steel to the US." He later confirmed via social media that aluminium would face a similar protectionist push underscored his commitment to reviving American industry. However, while the direct trade exposure of countries like India remains limited, economists and analysts are sounding alarms over the broader global however, has moved to retaliate against the US metal tariffs by filing a notice at the World Trade Organisation even as the two countries work to finalise a broader trade DIRECT IMPACT ON INDIA'S METAL EXPORTS For India, the immediate economic fallout from Trump's steel tariffs announcement appears relatively muted. In 2024, the US imported approximately 28 million tonnes of steel, though net imports were significantly lower due to domestic exports account for only a small fraction of these volumes, with Canada and Brazil leading the list of US US aluminium imports, estimated at 5.4 million tonnes last year, were heavily concentrated from Canada, which supplied around 50 per cent. India's share remains the tariff hike could alter supply chains globally, with potential spillover effects that reach beyond direct trade UPSIDE AND RISKS FOR INDIAN COMPANIESLarge Indian metal producers like Hindalco may not see immediate damage. In fact, rising US Midwest aluminium premiums could offer some benefit to the company. However, the situation is sources some of its aluminium raw material from Canada, and if Canadian imports do not receive exemptions, input costs could rise, cutting into profit concerning is the impact on Hindalco's US-based subsidiary, Novelis, which could see a significant earnings hit. Novelis has already projected a USD 40 million reduction in quarterly EBITDA (earnings before interest, taxes, depreciation and amortisation) starting FY26 due to the existing 25 per cent tariff. With the new rate doubling to 50 per cent, losses could widen unless exemptions or policy adjustments EFFECTS: A GLOBAL TRADE SHAKE-UPEven if India avoids direct commercial harm, the indirect consequences are hard to ignore. Analysts warn that global trade sentiment could weaken, and protectionist moves may dampen overall economic major metal exporters like the European Union, China and Brazil - now facing higher barriers to the US market - alternative markets such as India could become dumping is already battling with global steel overcapacity and has imposed anti-dumping duties on products from China, Vietnam, South Korea and Thailand. However, a fresh wave of cheap imports could further strain domestic prices and compress producer SENTIMENT MAY WEIGH HEAVIER THAN TRADE DATAWhile India may avoid immediate disruption, the broader consequences of Trump's tariff hike extend well beyond simple trade global suppliers seek new buyers and protectionist trends deepen, India could find itself grappling with downward pressure on commodity prices, rising input costs and renewed trade friction - factors that bear close watching in the months Watch IN THIS STORY#United States of America#Donald Trump
Time of India
an hour ago
- Time of India
China Trade Deal Violations: Trump accuses China of violating trade deal, ET Manufacturing
Advt Rare earths licenses Advt Advt Advt China talks 'stalled' US President Donald Trump on Friday accused China of violating a bilateral deal to roll back tariffs and announced a doubling of worldwide steel and aluminum tariffs to 50 per cent, once again rattling international said China had violated an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals and issued a new veiled threat to get tougher with Beijing."China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!," Trump said in a post on his Truth Social at a rally in Pennsylvania promoting an impending "partnership" between Japan's Nippon Steel and U.S. Steel, he announced the US would double steel tariffs from 25 per cent to 50 per cent, effective next week, which he said "will even further secure the steel industry in the United States."He subsequently announced in a Truth Social post that aluminum tariffs would also double to 50 per cent on China is the world's largest steel producer and exporter, very little is sent to the United States, as a 25 per cent tariff imposed in 2018 shut most Chinese steel out of the market. China ranks third among aluminum overall trade with China, Trump said he made a "fast deal" in mid-May with Chinese officials for both countries to back away from triple-digit tariffs for 90 days. He said he did this to save China from a "devastating" situation, factory closings and civil unrest caused by his tariffs of up to 145 per cent on Chinese did not specify how China had violated the agreement made in Geneva, Switzerland, or what action he would take against later on Friday in the Oval Office about the China deal, Trump said: "I'm sure that I'll speak to President Xi, and hopefully we'll work that out."But a US official told Reuters that it appeared China was moving slowly on promises to issue export licenses for rare earths minerals. The deal called for China to lift trade countermeasures that restrict its exports of the critical metals needed for US semiconductor, electronics and defense production."The Chinese are slow-rolling their compliance, which is completely unacceptable and it has to be addressed," US Trade Representative Jamieson Greer told CNBC, without specifying how that would Reuters reported on Friday that global auto executives are sounding the alarm on an impending shortage of rare-earths magnets from China - used in everything from windshield-wiper motors to anti-lock braking sensors - that could force the closure of car factories within Pengyu, a spokesperson for China's embassy in Washington, said China has maintained communications on trade matters with US counterparts since the Geneva talks, but raised concerns about US export controls."China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva," Liu said in a reported earlier this week that the US has ordered a broad swath of companies to stop shipping goods to China without a license and revoked some existing export licenses, according to three people familiar with the affected include design software and chemicals for semiconductors, butane and ethane, machine tools and aviation equipment, these sources for the White House, the US Treasury and the US Trade Representative's Office did not respond to requests for Thursday, Treasury Secretary Scott Bessent told Fox News Channel that U.S. trade talks with China were "a bit stalled" and that getting a deal over the finish line will likely need the direct involvement of Trump and US-China agreement two weeks ago to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks, and along with other pauses on Trump's import taxes, lowered the effective US tariff rate to the mid-teens from around 25 per cent in early April. It was less than 3 per cent when Trump took office in temporary truce between Washington and Beijing, however, had done nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding US complaints about China's state-dominated, export-driven economic model, leaving those issues for future US stock indexes ended little changed on Friday after Trump's complaint about China's compliance. Trump's social media post came two days after a reporter infuriated him by asking him about Wall Street's new term for bets that he will back off extreme tariff actions - the "TACO" trade, an acronym coined by a Financial Times columnist for "Trump Always Chickens Out.""I chicken out? Oh, I've never heard that. You mean because I reduced China from 145 per cent that I set, down to 100 and then to another number?" Trump said, later adding: "It's called negotiation."Trump's tariff strategy also suffered a major setback on Wednesday when the US Court of International Trade ruled that his broad global tariffs, including those on China, were invalid because he exceeded his authority under an emergency powers law used to back them. An appeals court has issued a temporary stay for the decision, allowing them to remain in place for now.
