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Business Standard
2 hours ago
- Business
- Business Standard
Only Trump-Xi talks can revive stalled US-China deal, says US Treasury Sec
The remarks from Scott Bessent come two weeks after the two nations agreed to a 90-day tariff pause along with mutual reductions Swati Gandhi New Delhi US Treasury Secretary Scott Bessent on Thursday (local time) said trade talks between the US and China are a 'bit stalled', adding that bringing a deal to the finish line would require direct talks between US President Donald Trump and his Chinese counterpart, Xi Jinping. The remarks from Bessent come two weeks after the two nations agreed to a 90-day tariff pause along with mutual reductions. Speaking to Fox News, he said that the progress since the truce in Geneva has been slow, however, he expects more talks with the Chinese counterparts in the coming few weeks He stated, 'I believe we may at some point have a call between the president and party Chair Xi'. Bessent further added, 'Given the magnitude of the talks, given the complexity ... this is going to require both leaders to weigh in with each other. They have a good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known.' Visa row adds to US-China strain A Reuters report suggests that while the 90-day tariff truce on triple-digit tariffs offered massive relief to the global stocks, it did not address the underlying reasons for Trump's tariffs on Chinese goods. Bessent's remarks come a day after Marco Rubio, the US Secretary of State, announced the Trump administration's decision to revoke visas of Chinese students in touch with the Communist Party of China or those enrolled in 'critical fields'. Bilateral tensions between the two countries are on the rise again, since China has lodged a formal protest over this decision of the Trump administration. Bessent's remark on trade deals Bessent also informed Fox News that several large trade deals are near. This comes after the US agreed to a first tariff negotiation deal with the UK. Countries have been rushing to secure a deal with the US before the 90-day deadline on the tariff pause ends on July 9. Bessent's remarks come after the US Court of International Trade blocked Trump's 'Liberation Day' tariffs, stating that most of the tariffs imposed were illegal and should be reversed. However, earlier today, an appeals court temporarily reinstated the tariffs.
Time of India
3 hours ago
- Business
- Time of India
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."
Mint
4 hours 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
4 hours 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.
India Today
6 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
