U.S.-China trade talks 'a bit stalled' and need Trump and Xi to weigh in, Bessent says
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BEIJING — U.S.-China trade discussions have encountered some obstacles, necessitating direct communication between the leaders of the two nations, Treasury Secretary Scott Bessent mentioned during an interview with Fox News on Thursday in the local time zone.

“I anticipate that we will engage in further discussions with them in the coming weeks,” he stated, noting the possibility of a call between the countries’ leaders “at some point.”

Following a significant increase in trade tensions last month, Bessent played a role in helping the world’s two largest economies achieve a breakthrough agreement in Switzerland on May 12. As part of the agreement, the countries decided to temporarily reverse recent tariff hikes exceeding 100% for a 90-day period, lasting until mid-August. Diplomatic representatives from both sides held a call late last week.

Still, the U.S. has pushed ahead with tech restrictions on Beijing, drawing its ire, while China has yet to significantly ease restrictions on rare earths, contrary to Washington’s expectations.

“I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other,” Bessent said. “They have a very good relationship and I am confident that the Chinese will come to the table when President [Donald] Trump makes his [preferences] known.”

Trump and Chinese President Xi Jinping last spoke in January, just before the U.S. president was sworn in for his second term. While Trump has in recent weeks said he would like to speak with Xi, analysts expect China to agree to that only if there is certainty that there will be no surprises from the U.S. during the call.

China has maintained communication with the U.S. since the agreement in Switzerland, Chinese Ministry of Commerce Spokesperson He Yongqian told reporters at a regular briefing Thursday.

But regarding chip export controls, she said that “China again urges the U.S. to immediately correct its wrong practices … and together safeguard the consensus reached at high-level talks in Geneva.”

That’s according to a CNBC translation of her Mandarin-language remarks.

When asked whether China would suspend rare earths export controls announced in early April, He did not respond directly. Restrictions on items that could have both military and civilian applications reflect international practice, as well as China’s position of “upholding world peace and regional stability,” she said.

This week, the Trump administration also announced it would start revoking visas for Chinese students.

“The U.S. decision to revoke Chinese student visas is fully unjustified,” Chinese Foreign Ministry spokesperson Mao Ning said Thursday, according to an official English transcript. “It uses ideology and national security as pretext.”

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