Treasury Secretary Scott Bessent on Thursday expressed confidence that the U.S. and China are on the way to a trade pact as a key tariff deadline nears.
“I believe that we have the makings of a deal,” Bessent said during an interview on CNBC’s “Squawk Box.” “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.”
Bessent did not provide any details on what a final deal with China would look like.
However, he stressed that he hasn’t discussed the issue yet with President Donald Trump, noting that the two sides negotiated in Stockholm for two days in talks he characterized as “tough.” Trump has said he would need to sign off personally on any deal with China.
“The Chinese are tough negotiators. We’re tough, too,” he said.
The two sides currently are in truce over tariffs after launching aggressive duties on each other previously. They have until Aug. 12 to come to an agreement. The U.S. had implemented 145% duties on Chinese imports, while China had countered with a 125% rate.
Since then, the U.S. lowered its rate to 30% while China cut to 10%.
The U.S. has expressed concern about China purchasing Iranian oil and supplying Russia with technology that could be used on the battlefield.
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