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2d ago

Bessent Says U.S.-China Tariff Truce Is Working, Extended 90 Days to November

He cites China-driven tariff income as evidence the current approach suits U.S. aims.

U.S. Treasury Secretary Scott Bessent sits to testify before a House Ways and Means Committee hearing on Capitol Hill in Washington, D.C., U.S., June 11, 2025. REUTERS/Elizabeth Frantz/File Photo
US President Donald Trump (L) and Chinese President Xi Jinping (R)
Treasury Secretary Scott Bessent at the White House earlier this month. Photo: Win McNamee/Getty Images
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Overview

  • Treasury Secretary Scott Bessent told Fox News the current standoff is stable and that negotiators expect further contacts before the November deadline.
  • Washington and Beijing last week extended their reduced-rate tariff pause by 90 days, delaying the risk of new duty hikes until November.
  • Bessent said China is currently the largest source of U.S. tariff revenue.
  • U.S. negotiators urged President Donald Trump to prolong the pause to allow more dialogue, and Trump has indicated no immediate plan for new retaliatory tariffs.
  • Washington is using trade leverage in broader diplomacy by pressing Beijing to curb imports of Russian oil.