US - China trade talks stalled: US Secretary of the Treasury

2025-05-29 19:27:23

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On May 29, U.S. Secretary of the Treasury Scott Bessent stated that trade negotiations with China are stagnating and expressed hope that President Donald Trump and President Xi Jinping will engage in direct dialogue to resolve the deadlock.

Sharing on Fox News, Mr. Bessent commented: “I think everything is somewhat stagnant. There may be more exchanges in the coming weeks. And I believe President Trump and Chairman Xi will have a phone call with each other.”

The statement was made in the context of the two countries temporarily suspending most of the retaliatory tariffs for 90 days starting from May 14. The current tariff rate is temporarily reduced from 125% to 34%, of which 24% is temporarily suspended. If no further agreement is reached after 90 days, the 34% tariff rate will be reinstated.

Minister Bessent stated that trade partners are still negotiating in good faith with America. He also revealed that on the morning of May 30, ( American time ), a large delegation from Japan will arrive at the Department of the Treasury to discuss countervailing taxes.

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