US, China Trade Talks Face Standstill
(MENAFN) Trade discussions between the United States and China have “stalled,” according to US Treasury Secretary Scott Bessent, who suggested that resolution might require direct involvement from both countries' presidents.
Tensions escalated in April when Leader Donald Trump significantly increased tariffs on Chinese imports—raising them to as much as 145 percent—due to what he labeled an unjust trade imbalance. In response, Beijing imposed retaliatory duties reaching up to 125 percent.
Earlier this month, the two economic giants agreed to either suspend or reverse most of these new tariffs for a 90-day period while further deliberations continue.
When asked on Thursday by a news agency anchor Bret Baier to characterize the progress of the negotiations, Bessent remarked, “I would say that they are a bit stalled.”
He also indicated that more rounds of discussion were scheduled in the upcoming weeks.
Furthermore, there is a possibility that President Trump could hold a telephone conversation with Chinese President Xi Jinping to move the process forward.
Bessent emphasized that, due to the scale and intricacy of the negotiations, input from both national leaders is essential. “Given the magnitude and complexity of the talks, this is going to require both leaders to weigh in with each other. They have a very good relationship. I am confident that the Chinese will come to the table,” he stated.
In a related development on Thursday, the US Court of Appeals for the Federal Circuit overturned a ruling made by the Court of International Trade just a day prior, thereby maintaining the contested tariffs in effect at least until June 9.
Commenting on the judiciary’s involvement, Bessent contended that it was “highly inappropriate” for courts to intervene in tariff matters, particularly since the US Senate had opted not to oppose the president’s trade agenda.
“The president absolutely has the right to set the trade agenda for the US,” Bessent affirmed.
“Anything that the courts do to get in the way harms the American people – both in terms of trade and lost tariff revenue.”
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
