NewsU.S. and China caught in trade stalemate as tariffs linger
U.S. and China caught in trade stalemate as tariffs linger
U.S. Treasury Secretary Scott Bessent stated in an interview with Fox News that the trade negotiations between the U.S. and China are "a bit stalled."
In May, Beijing and Washington agreed to suspend tariffs, which they had previously imposed on each other, for 90 days. This was—according to AFP—a surprising de-escalation resulting from bilateral ministerial talks in Geneva on May 10-11.
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]," Bessent said on Thursday.
As part of the temporary solution reached at that time, Washington and Beijing agreed to reduce tariffs—from the U.S.'s 145% to 30% on Chinese products, and from China's 125% to 10% on American products.
