US Treasury Secretary Scott Bessent indicated on Thursday that trade negotiations between the United States and China have experienced a slowdown.
His remarks come less than three weeks after a temporary trade truce was established between the two nations, involving a mutual agreement to reduce tariffs imposed on each other’s goods.
Speaking to Fox News, Secretary Bessent acknowledged the complexity and scale of the discussions, suggesting that further progress would likely require the direct involvement of the leaders of both countries.
The Trump administration’s global tariff policy faced a setback on Wednesday when a ruling challenged the president’s authority to impose such duties. However, these plans have been temporarily reinstated following an appeal by the White House.
Earlier this month, both the US and China confirmed their intention to reduce tariffs on each other’s imports following talks held in Switzerland. The agreement involved the cancellation of some tariffs and the suspension of others for a 90-day period ending on May 14th.
Secretary Bessent noted the recent deceleration in talks regarding a more comprehensive trade agreement but emphasized that negotiations are ongoing.
“I believe that we will be having more talks with [China] in the next few weeks and I believe we may at some point have a call between the president and [Chinese President Xi Jinping],” Secretary Bessent stated on Thursday.
He added that President Trump and President Xi Jinping maintain a “very good relationship,” and he expressed confidence that China would be willing to negotiate further when President Trump clearly outlines his expectations.
Under the interim agreement reached earlier this month, the US reduced tariffs on goods from China from 145% to 30%, while China’s retaliatory tariffs on US goods were lowered from 125% to 10%.
President Trump has consistently argued that imposing tariffs on foreign products would incentivize American consumers to purchase more domestically manufactured goods, thereby creating manufacturing jobs and increasing government tax revenue. His administration has also utilized tariffs as leverage in trade negotiations aimed at reducing trade deficits with other countries.
Separately, a delegation from Japan is continuing trade discussions with their US counterparts in Washington on Friday. Secretary Bessent mentioned that the US is “very close” to finalizing “a couple” of trade deals, while others are “more complicated.”
President Trump’s tariff regime remains uncertain following a ruling by the US Court of International Trade that deemed his imposition of duties exceeded his legal authority. Some analysts speculate that this ruling could make other countries less inclined to quickly finalize trade agreements with the US.
However, a federal appeals court has granted the White House’s request to temporarily suspend the lower court’s order, which President Trump described as “horrific.” He expressed his hope on Truth Social that the Supreme Court would “QUICKLY and DECISIVELY” reverse this decision.
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