Scott Bessent anticipates the US and China achieving a common ground in their trade talks
On Monday, July 28, Jamieson Greer, a US Trade Representative under the Trump administration, expressed cautious optimism about ongoing trade talks between the United States and China. While he welcomed the willingness of both countries—longtime rivals—to engage in negotiations, he tempered expectations by suggesting that any agreement reached this week would likely be modest rather than a sweeping breakthrough.
Greer emphasized that he did not anticipate a major deal, noting that his role involved closely monitoring the implementation and progress of trade agreements.
The latest round of talks took place in Sweden, where senior officials from both nations convened. This marked the third high-level engagement between the US and China since the Trump administration introduced tariff threats aimed at US trading partners.
Scott Bessent anticipates the US and China achieving a common ground in their trade talks
The US and China are facing a severe trade war that Trump’s tariff policies have ignited. Trump imposed threatening tariffs on Chinese goods, and the country responded with retaliatory tariffs on US goods. The main agenda of the recent US-China trade talks is to address the trade war that nearly caused a significant economic crisis.
Therefore, to end the trade war, the two countries are expected to discuss their terms to extend the 90-day break they had set on the tariffs. Notably, the due date for the pause on the tariffs is set to expire on August 12.
The US and China decided to hold the trade talks in May when US President Donald Trump and Chinese President Xi Jinping met in Switzerland.
Despite Greer’s speculations, Scott Bessent, US Treasury Secretary, has demonstrated optimism on the US-China trade deal. Bessent anticipated that this week’s trade talks would promise that the two nations would reach a common ground and extend the tariff break.
This came after the US Treasury Secretary expressed that they will be working out what is likely to be a tariff pause extension in an interview. He further pointed out that the US and China have demonstrated a solid link-up.
Still, Greer sticks to his speculations of a minor outcome in the trade talks. He, however, stated that what the US is after in these talks is to move in a positive direction. “Our discussions with the Chinese are always friendly and helpful,” Greer added.
The US Trade Representative further stated that this marked the third trade talk between the two nations in three months. Seeing the consistency in the talks, Greer mentioned that this was a good sign that the US will achieve its desire to move in a positive direction.
Greer highlights Trump’s satisfaction with his tariff system
Apart from China, several US trading partners have tried to conduct trade talks with the US before the August 1 tariff deadline takes effect. Examples of these trading partners include the EU and Japan.
Greer mentioned that the US cannot strike any further deals regarding the trade talks.
He stated that they do not see the need to strike further trade deals even in scenarios where other countries are eager to engage in talks with the US. According to Greer, the US aims to strike deals to enhance trade.
However, he brought up the point that Trump prefers to impose tariffs the way they are rather than make deals, echoing his previous remarks that he was pleased with his tariff system.
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