Treasury Secretary Bessent stated that trade negotiations with major U.S. partners, including Japan and the EU, are progressing in good faith despite ongoing legal challenges to President Trump's tariff plans; he expects to hold high-level talks with Japan on Friday and noted progress with the EU after tariff threats. However, Bessent indicated that trade talks with China have stalled, although he anticipates further dialogue and the possibility of a direct call between President Trump and President Xi Jinping in the coming weeks.
U.S. Treasury Secretary Scott Bessent has indicated a bifurcated landscape in current U.S. trade negotiations. While talks with major trading partners, notably Japan and the European Union, are reportedly progressing in good faith with some significant deals potentially nearing completion, discussions with China have stalled. Bessent highlighted that ongoing legal challenges to President Trump's tariff plans have not deterred these partners, referencing upcoming high-level talks with Japan and progress with the EU following a threat of 50% tariffs. Conversely, U.S.-China trade dialogue is currently at an impasse, primarily attributed to Chinese objections over stricter U.S. controls on its chip industry, though Bessent anticipates a resumption of talks and a potential direct conversation between President Trump and Chinese President Xi Jinping in the coming weeks. The administration maintains its stance on Trump's authority to set the trade agenda, aiming for 'fair trade' and optimal deals for the U.S., even as it navigates domestic legal scrutiny of its tariff policies, evidenced by an immediate appeal against a federal court ruling that sought to block tariffs.
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