US Treasury secretary says China meetings have ‘advanced our talks'
meetings with his Chinese counterparts this week 'advanced our talks', but stopped short of confirming that US President Donald Trump approved the consensus that Beijing claimed they had reached.
Advertisement
'This week's negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations,' Bessent wrote on X.
'Thanks to the powerful bond between @POTUS and President Xi, I am optimistic about the path forward,' he added, without specifying where consensus stands following talks that ended on Tuesday.
Since then, the US side has been seen taking its time to confirm any new agreement reached with China, its third-largest trading partner after neighbouring Mexico and Canada.
China's vice-minister of commerce, Li Chenggang, who also took part in the talks, said before leaving Stockholm on Tuesday that a pause on new tariff increases – in place since May – would be extended, but neither Trump nor Bessent has made similar announcements.
Advertisement
The Trump administration has instead delivered mixed messages.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
42 minutes ago
- South China Morning Post
Trump narrows Fed chair candidates to 4, excluding Treasury Secretary Bessent
US President Donald Trump said on Tuesday that he has whittled down his list of potential Federal Reserve chair candidates to four as he considers a successor to Jerome Powell – a choice that could reset the path of the US economy. Asked on CNBC's Squawk Box for a future replacement for Powell, Trump named Kevin Hassett, director of the National Economic Council, and Kevin Warsh, a former member of the Federal Reserve Board of Governors. 'I think Kevin and Kevin, both Kevins, are very good,' Trump said. He said two other people were also under consideration, but US Treasury Secretary Scott Bessent is not among them. 'I love Scott, but he wants to stay where he is,' Trump said. He did not name his other two top candidates but used the opportunity to disparage Powell, whom he has dubbed 'too late' in cutting interest rates. 01:21 Trump and US central bank chief bicker over bank renovation costs Trump and US central bank chief bicker over bank renovation costs The news that Trump plans to make a decision on the Fed chair 'soon' comes as the Republican president has been highly critical of Powell, whose term ends in May 2026.
South China Morning Post
42 minutes ago
- South China Morning Post
US-India tensions cast doubt on future of Quad, as well as possible Trump visit
As trade tensions between Washington and New Delhi escalate, an anticipated high-profile visit of US President Donald Trump to India this fall is now clouded by uncertainty. The rift that is testing a relationship between what their diplomats sometimes tout as the world's oldest and largest democracies is not only weakening bilateral ties, but also casting doubt on the future of a critical Indo-Pacific bloc aimed at countering China's growing influence in the region. The White House has been pressing India for substantive 'deliverables' the 'America first' president could announce during the trip, planned for the Quad leaders' summit in September or October, according to a person familiar with preparations for a summit. Initially, both sides had aimed to finalise a comprehensive trade agreement to coincide with the visit to give the occasion strategic and political momentum. However, the source said that without a trade breakthrough, it is increasingly unlikely that Trump will make the trip. The Quad, which also includes Japan and Australia, was formed in 2004 but remained dormant until 2017. Resurrected by Trump in his first term, the alliance was enthusiastically embraced by former US president Joe Biden as part of his Indo-Pacific strategy. Under Biden, the bloc was elevated to leaders' level in 2021. Trump threatened to 'substantially' increase tariffs for India in the 'next 24 hours' on Tuesday, after having berated India in recent days for making 'massive' oil purchases from Russia. According to another person familiar with Indian thinking, Trump's attacks have left New Delhi 'bitter'.
South China Morning Post
42 minutes ago
- South China Morning Post
For the US, it's Mountain Pass – or fail – in bid to supplant China's rare earth supremacy
Rare earths are needed for everything from consumer electronics to electric vehicles, wind turbines and fighter jets – and China controls the supply chain. In the second of a four-part series, we look at how China gradually took a commanding role in the rare earth industry, and how the US is now working to strengthen its sources and production. Advertisement Nearly a half-century removed from being the world's dominant supplier of rare earth elements, California's Mountain Pass mine is once again being tasked with unearthing a veritable treasure trove of metals and minerals that the United States hopes will help bridge a supply gulf with China in an increasingly critical industry. Splashing out hundreds of millions of dollars, the US Department of Defence is digging deep into the public coffers to bring back the mine, which has had a rocky history. After being shut down in 2002 due to environmental concerns, Mountain Pass was reawakened during the early days of former president Barack Obama's administration when the privately held Molycorp Minerals was formed to revive it. It was an ambitious undertaking, with approximately US$1.5 billion invested to reinstate production and give the US a competitive boost in the rare earth supply chain. But the effort ground to a halt in 2015 when the company went bankrupt. Advertisement In the decade since, Washington has slowly woken up to the reality of Beijing's chokehold on rare earths and watched as that dominant position has become China's biggest bargaining chip in the two sides' protracted trade war. The administration of US President Donald Trump has tried, with increased urgency, to get to the core of the problem by accelerating attempts to reduce America's deep reliance on China for the raw materials that are used in everything from military weapons and semiconductors to electric vehicles and wind turbines.
