Washington [US], May 30: US Treasury Secretary Scott Bessent admitted that trade negotiations between the US and China are stalled and need direct involvement from the two countries' leaders.
Since the US and China announced a 90-day trade truce on May 12 after a round of talks in Switzerland, in which Washington reduced tariffs on Chinese goods from 145% to 30% while Beijing reduced tariffs on US goods from 125% to 10%, there has been little further progress between the two sides, Treasury Secretary Bessent told Fox News on May 29.
Secretary Bessent said that US President Donald Trump and Chinese President Xi Jinping may soon speak by phone.
"Given the scope and complexity of the conversation, it will require both leaders to weigh in together. They have a good relationship and I am confident that the Chinese will be at the table when President Trump announces his priorities," Mr. Bessent said.
The deal struck earlier this month between the two countries, while temporarily cooling tensions in global stock markets, did not address the underlying issues raised by President Trump when he imposed tariffs on China.
Since reaching a deal with Beijing, Washington has focused on negotiating tariffs with other major trading partners.
Minister Bessent said some trading partners such as Japan were negotiating in good faith and he had not detected any change in their attitude after a US trade court on May 28 ordered an immediate block on President Trump's tariff policy.
The appeals court on May 29 restored the tariffs, postponing the commercial court's ruling while it considers the government's appeal.
President Trump criticized the trade court's decision this morning, asserting that he had full authority to enact the tariffs. "The ruling by the U.S. Court of International Trade is very wrong and very political! Hopefully the Supreme Court will quickly and decisively reverse this terrible decision that threatens this country," Trump wrote on the social network Truth Social.
Source: Thanh Nien Newspaper