Bessent and US Trade Representative Jamieson Greer stated that after two days of contacts with the Chinese delegation, US trade agreements with other countries were also on the agenda. Chinese officials expressed surprise at the scope and terms of the US agreements with Japan and Europe.
Bessent also noted that the US has clearly conveyed to its Chinese counterparts its concerns about China's global overproduction capacity, its purchase of sanctioned oil from Iran and its export of dual-use technology to Russia.
Trump will have the final say on tariffs
Asked whether the agreement reached between the US and China in May to reduce tariffs for 90 days would be extended, Bessent stated that the Chinese side agreed to this, but emphasized that such an agreement cannot be valid without the approval of President Donald Trump. Bessent stated that they will meet with Trump tomorrow and the final decision will be made by the President.
Trump: “It was a very good meeting”
President Donald Trump spoke to reporters on the plane on his way back from Scotland, saying he had spoken by phone with Treasury Secretary Bessent and had a “very good” meeting with the Chinese side. Trump stated he would have more details on the content of the talks on Wednesday.
Background of the tension
On April 2, US President Donald Trump announced additional tariffs on some trading partners, including China, and China retaliated by raising its own tariffs. Following the tension, the two countries met in Geneva, Switzerland on May 10-11 and agreed to mutually reduce tariffs for 90 days. Under this agreement, the US reduced its tariffs on Chinese goods from 145% to 30% and China reduced its tariffs on US products from 125% to 10%.
In the second round of talks in London in June, the parties agreed on a framework for the implementation of the agreement reached in Geneva.
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