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U.S. Treasury Secretary Says Trade Status Quo with China ‘Working Pretty Well’

Summarized by NextFin AI
  • U.S. Treasury Secretary Scott Bessent stated that the current trade arrangement with China is “working pretty well,” indicating positive outcomes from the ongoing negotiations.
  • Washington and Beijing have agreed to extend the 90-day tariff truce to November, postponing the implementation of significant tariffs on each other's goods.
  • This truce was initially announced in May and reinforced after discussions in July, with U.S. negotiators suggesting President Trump extend the deadline.

AsianFin -- U.S. Treasury Secretary Scott Bessent said Tuesday that the current trade arrangement with China is “working pretty well,” following the extension of a tariff truce between the world’s two largest economies.

Last week, Washington and Beijing agreed to prolong the 90-day pause on tariffs to November, delaying the imposition of triple-digit duties on each other’s goods. The truce, first announced in May after Geneva talks, was reinforced following a late-July meeting in Sweden, with U.S. negotiators recommending that President Donald Trump extend the deadline.

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Insights

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What are the prospects for a comprehensive trade agreement in the near future?

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