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yesterday

US-China Trade Talks Reach Deadlock as Tariff Ruling Is Paused

Treasury Secretary Scott Bessent remains confident that China will resume trade talks in the coming weeks.

U.S. Secretary of the Treasury Scott Bessent speaks with China's Vice Minister of Finance Liao Min, on the day of a bilateral meeting between the U.S. and China, in Geneva, Switzerland, May 11, 2025. KEYSTONE/EDA/Martial Trezzini/Handout via REUTERS /File Photo
U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing entitled "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System," on Capitol Hill in Washington, D.C., U.S., May 7, 2025. REUTERS/Nathan Howard/File Photo
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Overview

  • Scott Bessent says negotiations with Chinese officials are currently stalled.
  • He expects further discussions and a potential call between President Trump and Xi Jinping.
  • A U.S. Court of International Trade ruled most 30% tariffs invalid before an appeals court paused the decision.
  • President Trump’s administration still maintains a 30% tariff on Chinese imports, down from a previous high of 145%.
  • The International Monetary Fund has downgraded global growth forecasts in response to the prolonged trade standoff.