U.S. Treasury Secretary Scott Bessent told CNBC on Monday that he anticipates progress in U.S.-China trade negotiations over the next few weeks, noting that President Donald Trump’s 145% tariffs on Chinese goods are unsustainable.
However, Bessent declined to confirm whether formal negotiations with China are currently underway.
“I believe we might see meaningful progress soon… tariffs at 145% or even 125% are basically like an embargo,” Bessent said during his CNBC interview.
He also emphasized that the U.S. holds leverage in the trade dispute, pointing out that as the “deficit country,” America is in a stronger position, while China, as the “surplus country,” has more at stake.
Pressed on whether talks are actually happening, Bessent replied, “We’ll see in the coming weeks—it depends on what President Trump is willing to agree to.”
His remarks come at a time of rising uncertainty over the status of U.S.-China trade discussions, after the two countries became locked in a tense trade war back in April. Trump imposed 145% tariffs on Chinese imports, prompting a 125% retaliatory tariff from Beijing.
Although Trump has asserted that talks with China are ongoing, Beijing has denied that any negotiations have taken place. Trump also appeared to downplay the possibility of immediate discussions with Chinese President Xi Jinping.
Last week, however, China hinted at a willingness to negotiate, saying that U.S. officials had made overtures toward restarting talks. Still, Beijing insists it won’t engage until Washington reduces its steep tariffs.
Trump has indicated openness to lowering tariffs but insists that China must first come to the negotiating table.
On Monday, Trump claimed that China is eager to strike a deal “very badly,” though he did not specify whether Beijing had made direct contact.
