China needs to be reliable partner in trade negotiations: US treasury chief
'China has a singular opportunity to stabilize its economy by shifting away from excess production towards greater consumption,' Scott Bessent says
US Treasury Secretary Scott Bessent
ISTANBUL
US Treasury Secretary Scott Bessent said Wednesday that China needs to be a reliable partner in the trade negotiations as the two parties concluded the renewed trade talks in London.
"China has a singular opportunity to stabilize its economy by shifting away from excess production towards greater consumption," Bessent said at the House Ways and Means Committee.
Bessent stressed that a "big, beautiful" rebalancing of the US and China is possible if China addresses its responsibilities of the original trade agreement that the two parties reached in Geneva last month.
Bessent recalled the US-UK trade deal announced in May and said that the deal will create a $5 billion export opportunity for American ranchers, farmers, and manufacturers, and is a preview of what’s to come.
"Dozens of countries have engaged the administration thus far with offers to improve their trade relations with the United States. This includes China," he added.
On Wednesday, US President Donald Trump announced that a trade deal between the US and China "is done" and subject to final approval by the presidents of the two countries.
In a post on Truth Social, he said the US “is getting a total of 55% tariffs, China is getting 10%.”
"Full magnets, and any necessary rare earths, will be supplied, up front, by China," he said, adding: "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)."
"Relationship is excellent!" he said.
Later, Trump said he and Chinese President Xi Jinping "are going to work closely together to open up China to American Trade.”
“This would be a great WIN for both countries!!!" he added.
US and Chinese officials met in London this week to discuss the tariff issue.
Previously, in April, the US began to implement huge tariffs on China, but in May, the US and China agreed to a broad rollback of punitive tariffs for the initial 90 days.
