China deal close but not done, US Treasury secretary says
US negotiators "pushed back quite a bit" over two days of trade talks with the Chinese in Stockholm this week, Bessent said in an interview with CNBC.
"I believe that we have the makings of a deal," Bessent said.
China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals.
Bessent said he and US Trade Representative Jamieson Greer will speak to President Donald Trump later on Thursday about the August 12 deadline.
"There's still a few technical details to be worked out on the Chinese side between us. I'm confident that it will be done, but it's not 100 per cent done, he said.
Many countries are rushing to cut deals ahead of August 1, when Trump has promised higher tariffs will kick in.
On India, Bessent said he did not know what would happen in trade talks, citing India's dealings with Russia. "They have not been a great global actor."
Asked if movement was possible before the Friday deadline, Bessent said: "I don't know what's going to happen. It will be up to India. India came to the table early. They've been slow rolling things. So I think that the president, the whole trade team, has been frustrated with them."
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