Deal with China ‘not 100% done,’ says Treasury Secretarypublished at 13:53 British Summer Time
13:53 BST
Image source, TT/Reuters
US Treasury Secretary Scott Bessent says he’s confident a trade deal will be done with China, but adds the deal is “not 100% done”.
Speaking on CNBC on Thursday, Bessent says there are still “a few technical details” left on China’s side, and that he’s talking with President Trump later today.
The secretary also says he’s not sure what will happen with trade with India, saying the country has “not been a great global actor”, referencing its relationship with Russia.
Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.
That left Chinese goods facing an additional 30% tariff compared with the start of the year, with US goods facing a new 10% tariff in China.
The China-US truce has a 12 August deadline, unlike the majority of Trump’s tariffs which have a deadline of 1 August.