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Bessent: US in No Hurry to Extend China Trade Truce
The Trump administration is "not in a rush" to extend a tariff and critical minerals trade truce with China that ends in November, as there is time to renew it in meetings later this year, Treasury Secretary Scott Bessent said on Tuesday. In his first interview since attending last week's high-stakes summit between Chinese President Xi Jinping in Beijing, Bessent said that he believes China will accept the restoration of prior U.S. tariff rates through new Section 301 duties, as long as they don't go higher. China in recent months had "gotten a deal" on lower tariffs as a result of the U.S. Supreme Court's decision striking down President Donald Trump's global emergency duties, he said on the sidelines of a G7 finance leaders meeting in Paris. "I think we're not in a rush to extend it," Bessent said of the November 2025 tariff truce. "Things are stable." He added that China has "been satisfactory, but not excellent in terms of their fulfillment on their side on critical minerals. So we're seeing them again." Xi is expected to travel to Washington to meet with Trump at the White House in September. Prior to that summit, Bessent said that he will meet with his counterpart, Vice Premier He Lifeng, to work out more details on trade matters. Trump and Xi also may meet at an Asia-Pacific Economic Cooperation Summit in November in China and a G20 leaders summit in December in Florida. The U.S.-China truce negotiated over several months last year averted a total collapse of trade between the world's two largest economies after Trump's new tariffs on Chinese goods prompted retaliation and escalation that took tariffs to triple digits. The deal brought down extra tariffs on Chinese goods to about 20%, in addition to about 25% on many Chinese industrial products imposed during Trump's first term. The extra tariffs are currently at 10% as a result of a temporary tariff that expires in July. Bessent said that deals for China to order 200 Boeing jetliners and make annual purchases of $17 billion in American farm goods resulting from the Trump-Xi summit are considered separate from the November trade truce. Tariff Cuts on Consumer Goods Bessent said he views the most important achievements as the establishment of bilateral managed trade, investment, and artificial intelligence protocols with Beijing, which will be discussed in subsequent negotiations. In the "Board of Trade," the two sides will initially determine about $30 billion of nonstrategic goo...
US not in hurry to extend China trade truce, Bessent says
The Trump administration is "not in a rush" to extend a tariff and critical minerals trade truce with China that ends in November, as there is time to renew it in meetings later this year, U.S. Treasury Secretary Scott Bessent said on Tuesday. Bessent told Reuters in an interview on the sidelines of a G7 finance meeting that he believes China will accept the restoration of prior U.S. tariff rates through new Section 301 duties, as long as they don't go higher. China had in recent months had "gotten a deal" on lower tariffs as a result of the U.S. Supreme Court's decision striking down President Donald Trump's global emergency duties, he said.ALSO READ | At White House briefing, Vance says Iran war won't be 'forever' "I think we're not in a rush to extend it," Bessent said of the November 2025 tariff truce. "Things are stable." He added that China' has "been satisfactory, but not excellent in terms of their fulfillment on their side on critical minerals. So we're seeing them again." Chinese President Xi Jinping is expected to travel to Washington to meet President Donald Trump at the White House in September. Prior to that summit, Bessent said that he will meet with his counterpart, Chinese President He Lifeng, to work out more details on trade matters.
Exclusive-US Not in a Hurry to Extend China Trade Truce, Bessent Says
PARIS, May 19 (Reuters) - The Trump administration is "not in a rush" to extend a tariff and critical minerals trade truce with China that ends in November, as there is time to renew it ...
U.S. not in a hurry to extend China trade truce, Bessent says
The U.S.-China truce negotiated over several months last year averted a total collapse of trade between the world's two largest economies.
