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yesterday

US-China Trade Talks Stall as 90-Day Tariff Truce Nears Expiration

Treasury Secretary Scott Bessent warns a direct Trump–Xi conversation is needed to revive stalled negotiations before the August 10 deadline

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

  • Bessent told Fox News that two weeks of post-truce discussions have yielded little progress, describing negotiations as “a bit stalled.”
  • He said more meetings are planned in the coming weeks and predicted a phone call between President Trump and Xi Jinping could break the deadlock.
  • Under the May 12 agreement, U.S. tariffs on Chinese goods fell from 145% to 30% and China cut its rates from 25% to 10%, with the ceasefire set to end August 10.
  • A U.S. trade court ruled that Trump exceeded his authority in imposing most tariffs but an appeals court quickly paused that decision as both sides prepare responses.
  • The administration has pressed tech export controls and is revoking Chinese student visas, drawing criticism from Beijing and adding friction to future talks.