U.S. Treasury Secretary Scott Bessent said on Tuesday that he plans to meet with his Chinese counterpart next week to discuss a likely extension of the 12 August tariff hike deadline.
Speaking on Fox Business Network’s Mornings With Maria, Bessent described current trade relations with China as being in “a very good place,” and confirmed that the meetings would take place in Stockholm next Monday and Tuesday.
“We’ve reached a new, constructive phase with China,” he said. “Now that trade has stabilised, we’re in a position to make real progress.”
While previous talks focused primarily on resuming the flow of Chinese rare earth minerals and U.S. semiconductor-related exports, Bessent said the upcoming discussions would address broader concerns including China’s dependency on manufacturing and its need to shift towards a consumer-driven economy.
“We’d like to see China ease up on the overproduction and focus more on domestic consumption,” he added.
Bessent also said he intends to warn China about its continued imports of sanctioned Russian and Iranian oil, as well as its alleged support for Russia’s war in Ukraine.
He noted that there is bipartisan backing in the U.S. Senate for legislation that would impose 100% tariffs on imports from countries still purchasing Russian oil, specifically naming China and India.
“I’ll also be engaging with European counterparts. Europe has been vocal about sanctioning Russia, and we’ll be encouraging them to match that rhetoric with strong secondary tariffs,” Bessent said.
He added that the U.S. is preparing to unveil “a series of trade agreements” with various nations, potentially including Japan, despite political challenges and tough negotiations.
“I wouldn’t be surprised if we reach an agreement with Japan soon,” he said.
Bessent acknowledged that for most countries, existing tariffs could revert to pre-April 2 levels down from the current 10% though trade talks would continue in parallel.
China’s ruling Communist Party is stepping up oversight of technology firms, internet platforms and digital finance in a sweeping drive to ta...
A wave of bomb threats targeting passenger flights has disrupted air travel across Europe, forcing diversions, airport closures and fighter jet esc...
U.S. President Donald Trump says Washington will end its annual financial and military aid to Israel by the end of 2026, under an agreement he clai...
Iranian parliament speaker Mohammad Bagher Ghalibaf says the U.S. must act to prevent war after Tehran sent a “strong and rational response” to Washington. Meanwhile, U.S. forces have reportedly carried out limited strikes against Iranian targets, including Qeshm Island,
Hundreds of millions of U.S. citizens head to the polls on 3 November to elect the House of Representatives and Senate. How they vote could influence the direction of Donald Trump’s remaining 26 months in office and the outcomes of the Ukraine and Iran conflicts.
A six-day humanitarian ceasefire in the Russian-held Ukrainian town of Oleshky ended on Sunday, 1 November, after facilitating aid deliveries and civilian evacuations.
Kyrgyzstan has emerged as Central Asia’s fastest-growing economy, fuelled by a construction boom, public investment and trade linked to Russia. But with Western sanctions tightening, can the country sustain its rapid growth?
Russia airstrikes on a school used as a humanitarian aid distribution point in southeastern Ukraine's Zaporizhzhia region killed at least 26 people, including rescue workers and police officers, Ukrainian officials said. Another 27 people were reported missing.
China’s ruling Communist Party is stepping up oversight of technology firms, internet platforms and digital finance in a sweeping drive to tackle corruption and tighten control over the country’s rapidly evolving digital economy.
A wave of bomb threats targeting passenger flights has disrupted air travel across Europe, forcing diversions, airport closures and fighter jet escorts. No explosives have been found, raising questions about who is behind the alerts and whether the disruption itself is the goal.
U.S. President Donald Trump says Washington will end its annual financial and military aid to Israel by the end of 2026, under an agreement he claims to have reached with Israeli Prime Minister Benjamin Netanyahu.
Volodymyr Zelenskyy has confirmed that Ukraine's negotiators will meet with Russian and U.S. delegations in Abu Dhabi next week for the first peace talks mediated by Washington since February.
Spanish police are investigating the death of Tenerife striker Jesús de Miguel, who died after a collision with an opposing goalkeeper during a second-division football match. The case raises questions about when an on-field challenge can become a criminal offence.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment