Latest news with #Bessent
Mint
39 minutes ago
- Business
- Mint
Bessent Says a Trump-Xi Call Could Help as Talks ‘a Bit Stalled'
US Treasury Secretary Scott Bessent said trade talks with China are 'a bit stalled,' and that a call between President Donald Trump and Chinese President Xi Jinping may be needed in order for the world's two largest economies to reach a deal. 'I would say that they are a bit stalled,' Bessent said of the talks in an interview with Fox News Thursday. Bessent, who traveled to Switzerland earlier this months for talks with Chinese officials that saw both sides retreat from tariffs over 100% on each other's goods, said he believes more talks will happen with Chinese officials 'in the next few weeks.' Still, Bessent said he sees the personal involvement of both country leaders as essential. '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. Bessent said in the interview that a couple of large trade deals are near. Among talks in more advanced stages, he plans to meet with a Japanese delegation Friday in Washington. Those talks come amid a whiplash of court rulings centering on whether Trump is allowed to implement his signature 'reciprocal' tariffs at all. The US Court of International Trade found earlier this week that the vast majority of the tariffs Trump has imposed since returning to the White House were illegal and ordered them reversed. An appellate court Thursday subsequently paused that ruling, allowing Trump's tariff orders to remain in place for now as his administration appeals the adverse decision. Bessent, a lead negotiator on trade deals for the US, said he hasn't observed a change in posture from other countries involved in trade negotiations as a result of the rulings. 'We have not seen any of that in terms of our trading partners,' Bessent said. 'They are coming to us in good faith and trying to complete the deals before the 90 day pause ends. We've seen no change in their attitude in the past 48 hours.' This article was generated from an automated news agency feed without modifications to text.
The Advertiser
an hour ago
- Business
- The Advertiser
US-China tariff talks 'a bit stalled,' Bessent concedes
US trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of President Donald Trump and Chinese President Xi Jinping, US Treasury Secretary Scott Bessent says. Two weeks after breakthrough negotiations led by Bessent that resulted in a temporary truce in the trade war between the world's two biggest economies, Bessent told Fox News that progress since then has been slow, but said he expects more talks in the next few weeks. "I believe we may at some point have a call between the president and party chair Xi," Bessent said. "Given the magnitude of the talks, given the complexity ... this is going to require both leaders to weigh in with each other," he said. "They have a good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known." The US-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did 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 talks. Since the mid-May deal, the Trump administration has concentrated on tariff negotiations with other major trading partners, including India, Japan and the European Union. Trump last week threatened 50 per cent tariffs on EU goods, only to delay that threat. A US trade court on Wednesday ruled that Trump overstepped his authority in imposing the bulk of his tariffs on imports from China and other countries under an emergency powers act. But less than 24 hours later, a federal appeals court reinstated the tariffs, saying it was pausing the trade court ruling to consider the government's appeal. The appeals court ordered the plaintiffs to respond by June 5 and the administration to respond by June 9. Bessent said earlier that some trading partners, including Japan, were negotiating in good faith and that he detected no changes in their postures as a result of the trade court ruling. Bessent said he would meet with a Japanese delegation on Friday in Washington. US trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of President Donald Trump and Chinese President Xi Jinping, US Treasury Secretary Scott Bessent says. Two weeks after breakthrough negotiations led by Bessent that resulted in a temporary truce in the trade war between the world's two biggest economies, Bessent told Fox News that progress since then has been slow, but said he expects more talks in the next few weeks. "I believe we may at some point have a call between the president and party chair Xi," Bessent said. "Given the magnitude of the talks, given the complexity ... this is going to require both leaders to weigh in with each other," he said. "They have a good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known." The US-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did 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 talks. Since the mid-May deal, the Trump administration has concentrated on tariff negotiations with other major trading partners, including India, Japan and the European Union. Trump last week threatened 50 per cent tariffs on EU goods, only to delay that threat. A US trade court on Wednesday ruled that Trump overstepped his authority in imposing the bulk of his tariffs on imports from China and other countries under an emergency powers act. But less than 24 hours later, a federal appeals court reinstated the tariffs, saying it was pausing the trade court ruling to consider the government's appeal. The appeals court ordered the plaintiffs to respond by June 5 and the administration to respond by June 9. Bessent said earlier that some trading partners, including Japan, were negotiating in good faith and that he detected no changes in their postures as a result of the trade court ruling. Bessent said he would meet with a Japanese delegation on Friday in Washington. US trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of President Donald Trump and Chinese President Xi Jinping, US Treasury Secretary Scott Bessent says. Two weeks after breakthrough negotiations led by Bessent that resulted in a temporary truce in the trade war between the world's two biggest economies, Bessent told Fox News that progress since then has been slow, but said he expects more talks in the next few weeks. "I believe we may at some point have a call between the president and party chair Xi," Bessent said. "Given the magnitude of the talks, given the complexity ... this is going to require both leaders to weigh in with each other," he said. "They have a good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known." The US-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did 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 talks. Since the mid-May deal, the Trump administration has concentrated on tariff negotiations with other major trading partners, including India, Japan and the European Union. Trump last week threatened 50 per cent tariffs on EU goods, only to delay that threat. A US trade court on Wednesday ruled that Trump overstepped his authority in imposing the bulk of his tariffs on imports from China and other countries under an emergency powers act. But less than 24 hours later, a federal appeals court reinstated the tariffs, saying it was pausing the trade court ruling to consider the government's appeal. The appeals court ordered the plaintiffs to respond by June 5 and the administration to respond by June 9. Bessent said earlier that some trading partners, including Japan, were negotiating in good faith and that he detected no changes in their postures as a result of the trade court ruling. Bessent said he would meet with a Japanese delegation on Friday in Washington. US trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of President Donald Trump and Chinese President Xi Jinping, US Treasury Secretary Scott Bessent says. Two weeks after breakthrough negotiations led by Bessent that resulted in a temporary truce in the trade war between the world's two biggest economies, Bessent told Fox News that progress since then has been slow, but said he expects more talks in the next few weeks. "I believe we may at some point have a call between the president and party chair Xi," Bessent said. "Given the magnitude of the talks, given the complexity ... this is going to require both leaders to weigh in with each other," he said. "They have a good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known." The US-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did 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 talks. Since the mid-May deal, the Trump administration has concentrated on tariff negotiations with other major trading partners, including India, Japan and the European Union. Trump last week threatened 50 per cent tariffs on EU goods, only to delay that threat. A US trade court on Wednesday ruled that Trump overstepped his authority in imposing the bulk of his tariffs on imports from China and other countries under an emergency powers act. But less than 24 hours later, a federal appeals court reinstated the tariffs, saying it was pausing the trade court ruling to consider the government's appeal. The appeals court ordered the plaintiffs to respond by June 5 and the administration to respond by June 9. Bessent said earlier that some trading partners, including Japan, were negotiating in good faith and that he detected no changes in their postures as a result of the trade court ruling. Bessent said he would meet with a Japanese delegation on Friday in Washington.
New York Post
3 hours ago
- Business
- New York Post
Trade talks with China ‘stalled' – as direct negotiations between Trump and Xi needed to make a deal, Treasury Secretary Scott Bessent says
Treasury Secretary Scott Bessent revealed Thursday that talks between the US and China on a permanent trade deal have 'stalled' since the tariff truce both nations agreed to earlier this month. 'I would say that they are a bit stalled,' Bessent said of discussions with China, during an interview with Fox News 'Special Report' host Bret Baier. '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 Jinping],' the treasury secretary added. Bessent teased that two trade deals are approaching the finish line, but not with China. FOX News Bessent was adamant that a conversation between Trump and Xi would be necessary before any trade deal is agreed to. 'I think that, given the magnitude of the talks, given the complexity – this is going to require both leaders to weigh in with each other,' the former hedge fund manager 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,' Bessent added. The White House did not immediately respond to The Post's request for comment. The US and China agreed to a 90-day pause in their raging trade war earlier this month after high-level talks in Switzerland, which included Bessent. Under the agreement, the US dropped its 145% tariff rate on most Chinese goods to 30%, while China lowered its rate to 10% from 125%. The agreement included a mechanism for talks toward a permanent deal to continue, according to the White House. Bessent indicated that Trump and Xi will need to have a direct conversation about trade before a deal can be struck. AP While talks with China have slowed, the treasury secretary indicated the Trump administration was close to striking major agreements with several other nations. 'There are a couple of very large deals that are close. A couple of them are more complicated,' Bessent said. 'And as we saw with the president's threat of 50% tariffs last Friday, the EU came to the table very quickly over the weekend – so now we've got the EU in motion also.' The Court of International Trade had ruled Wednesday that Trump exceeded his authority under the International Emergency Economic Powers Act by imposing a 10% flat duty rate on dozens of countries around the world, as well as 25% tariffs on Canada and Mexico and 20% tariffs on China in response to illegal fentanyl trafficking. A federal appeals court stayed the trade court's order on Thursday as the White House appeals the initial ruling. Bessent said the legal wrangling over tariffs hasn't impacted negotiations. 'We've seen no change in [US trading partner] attitude in the past 48 hours. As a matter of fact, I have a very large Japanese delegation coming to my office first thing tomorrow morning,' the treasury secretary told Baier.
CNBC
3 hours ago
- Business
- CNBC
U.S.-China talks 'a bit stalled' and need Trump and Xi to weigh in, Treasury Secretary Bessent says
BEIJING — U.S.-China trade talks "are a bit stalled," requiring the two countries' leaders to speak directly, Treasury Secretary Scott Bessent told Fox News in an interview Thursday local time. "I believe that we will be having more talks with them in the next few weeks," he said, adding that there may be a call between the two countries' leaders "at some point." After a rapid escalation in trade tensions last month, Bessent helped the world's two largest economies reach a breakthrough agreement in Switzerland on May 12. The countries agreed to roll back recent tariff increases of more than 100% for 90 days, or until mid-August. Diplomatic officials from both sides had a call late last week. Still, the U.S. has pushed ahead with tech restrictions on Beijing, drawing its ire, while China has yet to significantly ease restrictions on rare earths, contrary to Washington's expectations. "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 [Donald] Trump makes his [preferences] known." Trump and China's President Xi Jinping last spoke in January, just before the U.S. president was sworn in for his second term. While Trump has in recent weeks said he would like to speak with Xi, analysts expect China to agree to that only if there's certainty there will be no surprises from the U.S. during the call. China has maintained communication with the U.S. since the agreement in Switzerland, Chinese Ministry of Commerce Spokesperson He Yongqian told reporters at a regular briefing Thursday. But regarding chip export controls, she said that "China again urges the U.S. to immediately correct its wrong practices ... and together safeguard the consensus reached at high-level talks in Geneva." That's according to a CNBC translation of her Mandarin-language remarks. When asked whether China would suspend rare earths' export controls announced in early April, He did not respond directly. Restrictions on items that could be used for both military and civilian use reflect international practice, as well as China's position of "upholding world peace and regional stability," she said. This week, the Trump administration also announced it would start revoking visas for Chinese students. "The U.S. decision to revoke Chinese student visas is fully unjustified," China's Foreign Ministry Spokesperson Mao Ning said Thursday, according to an official English transcript. "It uses ideology and national security as pretext."
India Today
3 hours ago
- Business
- India Today
US-China trade talks stalled, may need Trump-Xi intervention: Treasury Secretary
US Treasury Secretary Scott Bessent said Thursday that trade negotiations with China are currently stalled and may require direct involvement from President Donald Trump and Chinese President Xi Jinping to move forward. Speaking to Fox News, Bessent highlighted the complexity of the talks and said progress has slowed since the temporary 90-day truce reached earlier this month."Given the magnitude of the talks, given the complexity ... this is going to require both leaders to weigh in with each other," Bessent said, expressing confidence that China would respond once Trump makes his position temporary deal helped calm markets but failed to address deeper US concerns about China's state-controlled economic model. Since then, the Trump administration has turned its focus to trade talks with other partners, including Japan, India, and the EU. Bessent earlier said that some trading partners, including Japan, were negotiating in good faith and showed no change in stance following the trade court ruling. He's scheduled to meet a Japanese delegation in Washington on on Wednesday, a US trade court ruled that President Trump exceeded his authority by imposing most tariffs on Chinese and other imports under an emergency powers act. However, within 24 hours, a federal appeals court reinstated the tariffs, temporarily pausing the lower court's decision to review the government's appeal. The court has set deadlines, with plaintiffs required to respond by June 5 and the administration by June inputs from Reuters
