Scott Bessent says U.S.-China trade talks are stagnant

U.S. Treasury Secretary Scott Bessent said trade talks between the United States and China were "a bit stagnant."

His comments are less than three weeks after a temporary trade truce between the world's two largest economies, both agreeing to reduce tariffs on selling tax rates.

"Thinking about the magnitude of the talks, given the complexity, this will require (the leaders of both countries) to weigh each other," Bessent told Fox News on Thursday.

Donald Trump's global tariff regime was hit Wednesday after a ruling that exceeded its own power. His plans have been temporarily restored after the White House appealed the decision.

Both the United States and China have confirmed that they will reduce tariffs on each other's imports earlier this month after the talks in Switzerland.

The deal involves two countries eliminating some tariffs altogether and suspending other tax rates for 90 days by May 14.

Bessent said negotiations on further deals lost momentum, but stressed that they were still continuing.

"I believe we will have more negotiations with (China) in the next few weeks, and I believe we may be on some conference call between the president and (Chinese President Xi Jinping)," Bessent said Thursday.

He added that the two had a "very good relationship" and he was "confident that when President Trump saw his preferences, the Chinese would come to the table."

Under the agreement reached earlier this month, the United States has reduced tariffs on Chinese goods from 145% to 30%.

China's retaliatory tariffs on U.S. goods have been reduced from 125% to 10%.

The U.S. president believes that imposing tariffs on foreign goods will encourage American consumers to buy more American-made goods, bring back manufacturing jobs, and increase the amount of tax revenue.

The Trump administration has used them as leverage in negotiations as it tries to reduce its trade deficit with other countries.

On Friday, a delegation from Japan was holding trade talks with their U.S. counterparts in Washington.

"Several" trade deals are "very close", but "some of them are more complex," Bessent said.

Trump's tariff regime remains in balance after the U.S. Court of International Trade rule, which ruled that Trump has surpassed his powers by performing his duties.

Some analysts believe this means that countries will be unlikely to rush to reach a trade agreement with the United States.

The federal appeals court has approved the White House bid to temporarily suspend the lower court order, which Trump calls "terrible."

He wrote on his Truth Social Platform: "Hopefully the Supreme Court can quickly and decisively reverse this terrible, state (SIC) threat."