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U.S.-China trade negotiations have stalled, with U.S. Treasury Secretary Scott Bessent suggesting that direct talks between President Donald Trump and Chinese President Xi Jinping may be necessary to break the impasse. Speaking to Fox News, Bessent acknowledged that while a temporary truce was reached two weeks ago, progress has been limited since then.
“I believe we may at some point have a call between the president and Party Chair Xi,” said Bessent, emphasizing that the complexity and magnitude of the issues require high-level engagement. He added that the two leaders share a strong relationship, which could help push the talks forward once Trump clarifies his expectations.
The initial breakthrough led to a 90-day pause on escalating tariffs, sparking a global stock market rally. However, the agreement did not resolve core U.S. concerns regarding China’s state-led, export-driven economy. These deeper structural issues remain on the table for future negotiations.
In the meantime, the U.S. has shifted focus to tariff discussions with other trade partners, including India, Japan, and the European Union. Trump recently threatened 50% tariffs on EU goods but delayed action.
Adding legal complexity, a U.S. trade court this week ruled that Trump exceeded his authority under emergency powers when imposing tariffs. However, a federal appeals court quickly reinstated the tariffs, halting the lower court’s ruling while it considers the government's appeal. The appeals court has set deadlines of June 5 and June 9 for filings from both sides.
Bessent noted that talks with Japan remain productive and are unaffected by the ongoing legal proceedings. He is scheduled to meet a Japanese delegation in Washington this Friday to continue discussions.
The future of U.S.-China trade may now hinge on presidential diplomacy amid rising geopolitical and economic tensions.
