BEIJING — Trade discussions between the United States and China are currently experiencing a slowdown, as emphasized by Treasury Secretary Scott Bessent in an interview with Finance Newso News on Thursday.
Bessent expressed optimism, indicating that further dialogues are expected in the upcoming weeks, hinting at a potential call between the leaders of the two nations “at some point.”
Last month witnessed a surge in trade tensions, but Bessent played a pivotal role in facilitating an agreement between the two largest economies at a meeting in Switzerland on May 12. This accord involves a temporary rollback of tariff hikes exceeding 100% for a duration of 90 days, lasting until mid-August. Notably, diplomatic officials from both sides connected via telephone late last week.
Despite the recent agreement, the U.S. is moving ahead with restrictions on technology exports to China, which has attracted strong condemnation from Beijing. Meanwhile, China’s reluctance to relax its restrictions on rare earth materials remains contrary to U.S. expectations.
Bessent stated, “Given the significance and the complexity of these discussions, it necessitates input from both leaders.” He added that he is confident the Chinese will respond favorably once President [Donald] Trump articulates his priorities.
Since their last conversation in January, prior to Trump’s second inauguration, any potential dialogue between Trump and China’s President Xi Jinping hinges on China’s assurance that the conversation will not be fraught with unforeseen developments from the U.S.
Chinese officials have been in touch with their U.S. counterparts following the recent agreement in Switzerland, as per comments from Chinese Ministry of Commerce Spokesperson He Yongqian during a regular press briefing on Thursday.
Regarding chip export regulations, she emphasized that “China once again urges the U.S. to promptly rectify its incorrect practices … and jointly uphold the consensus established during high-level discussions in Geneva.”
In a translation provided by Finance Newso, when queried about the possibility of suspending announced rare earth export controls from early April, He refrained from giving a direct answer. She asserted that these restrictions align with international standards while reflecting China’s commitment to maintaining global peace and regional stability.
Adding to the week’s development, the Trump administration revealed plans to revoke visas for certain Chinese students.
China’s Foreign Ministry Spokesperson Mao Ning criticized this move on Thursday, declaring the decision “entirely unjustified” and lamenting its implications. “It uses ideology and national security as a pretext,” she stated, according to an official English transcript.
