US Treasury Secretary Scott Bessent on Thursday voiced confidence that the US and China are on track to reach a trade deal as the tariff deadline looms.
“I believe we now have the basis to reach a deal,” Bessent said in an interview. “There are still some technical details on the Chinese side that need to be worked out between us. I am confident that it will work out, but it is not 100% final yet.”
Bessent, however, did not provide any details on what a final agreement with China would look like.
He stressed that he had not yet discussed the matter with President Donald Trump, describing the two-day talks in Stockholm as “difficult.” Trump has previously insisted he would have to personally sign any deal with China.
The two sides are currently in a tariff truce after previously imposing high tariffs on each other. They have until August 12 to reach an agreement. The US previously imposed a 145% tariff on imports from China, while China retaliated with a 125% rate.
The US has since lowered the rate to 30%, while China has reduced it to 10%.
The US has also raised concerns about China’s purchases of Iranian oil and the transfer of technology to Russia that could potentially be used on the battlefield.
