Today, Treasury Secretary Scott Bessent told reporters that the U.S. and China are close to reaching a trade deal as the August 12 tariff deadline approaches.
During an interview, Bessent stated: “I believe that we have the makings of a deal… There’s still a few technical details to be worked out on the Chinese side between us. I’m confident that it will be done, but it’s not 100% done.”
Although Bessent appeared confident, he did not offer any specifics about what a final agreement with China would look like. “The Chinese are tough negotiators. We’re tough, too.”
Chinese and U.S. officials held two days of negotiations in Stockholm. The Treasury Secretary emphasized that he has not yet discussed the potential agreement with President Donald Trump, who would have to personally approve any deal with China.
Without an agreement, the United States and China are set to once again impose historic tariffs on each other’s imports.
President Trump has stated that there will be no pause on the tariff deadline; however, negotiators from both sides are advocating for a delay.
Earlier in the week, U.S. Trade Representative Jamieson Greer said, “With respect to a potential pause, we’re going to head back to Washington, DC, we’re going to talk to the president about whether that’s something that he wants to do.”
Li Chenggang, the International Trade Representative for China’s Ministry of Commerce, told reporters, “both sides will continue to push for the scheduled extension.”
By CEO NA Editorial Staff
