During a recent appearance on Fox News Channel’s “Special Report,” Treasury Secretary Scott Bessent provided updates on ongoing trade negotiations. He mentioned that there are several significant trade deals that are nearing completion. However, talks with China have hit a bit of a snag and will need direct communication between President Donald Trump and Chinese President Xi Jinping to move forward.
Bessent emphasized that while some deals are close, others are more complicated. He noted that after Trump’s recent threat of imposing 50% tariffs, the European Union quickly responded and began negotiations. This suggests that the pressure from the U.S. is prompting action from other trading partners.
When asked about the situation with China, Bessent described the talks as "a bit stalled." He expressed optimism that more discussions would take place in the coming weeks and hinted at a potential phone call between Trump and Xi to help resolve the issues.
Bret Baier, the host of the show, pointed out that there was a time when talks with China seemed to be progressing well. Bessent acknowledged this but reiterated that the scale and difficulty of the negotiations would require both leaders to engage directly. He expressed confidence that the Chinese would be willing to negotiate once Trump clearly outlines his positions.
As the trade landscape continues to evolve, the outcome of these discussions could have significant implications for the global economy.