**Recent developments reveal stalled trade talks between the US and China after a temporary agreement to reduce tariffs was reached earlier this month.**
**US-China Trade Talks at a Standstill, Treasury Secretary Acknowledges**
**US-China Trade Talks at a Standstill, Treasury Secretary Acknowledges**
**Treasury Secretary Scott Bessent indicates ongoing complexities in negotiations despite initial truce between US and China.**
Trade negotiations between the United States and China have hit a snag, as indicated by US Treasury Secretary Scott Bessent. Speaking during a Fox News interview, Bessent remarked that the trade discussions are "a bit stalled." This comment comes shortly after both countries initially agreed to a temporary ceasefire in their ongoing trade conflict, where they planned to lower retaliatory tariffs.
Bessent emphasized, "Given the magnitude of the talks and their complexity, I think this will necessitate communication between the leaders of both nations." His remarks follow a setback for President Trump's global tariff strategy, which faced a challenge in court regarding the legality of his trade actions. While that ruling found that Trump had overstepped his authority, the White House successfully appealed the decision, temporarily reinstating the tariffs.
Earlier this month, the US and China had pledged to cut tariffs on each other's imports, reducing US tariffs from 145% to 30% and China's from 125% to 10%. While Bessent acknowledged that discussions were losing momentum, he maintained optimism for future talks. "I believe the talks will resume in the coming weeks, potentially including a phone conversation between President Trump and Chinese President Xi Jinping," he noted, expressing confidence in the strong ties between the two leaders.
In addition, a Japanese delegation is in Washington for separate trade discussions with US officials. Bessent indicated that while some trade deals were nearing completion, others remain complex and more challenging.
The legal landscape surrounding Trump’s tariffs is uncertain following the US Court of International Trade's ruling against the administration. However, the federal appeals court's recent decision allows the tariffs to remain for the time being, with the White House asserting confidence in a favorable outcome when the case is brought to the Supreme Court.
Amidst the evolving situation, markets have shown signs of recovery following news of the recent tariff agreement between the US and China. As both nations seek to navigate these complexities, the attention remains on how negotiations will unfold in the coming weeks.
