Trade talks between the US and China are "a bit stalled", the US Treasury Secretary Scott Bessent has said. His comment comes less than three weeks after a temporary trade truce was agreed between the world's two largest economies, with both agreeing to reduce tit-for-tat tariffs. Bessent told Fox News on Thursday: "I think that given the magnitude of the talks, given the complexity, that this is going to require [leaders of both the countries] to weigh in with each other". Donald Trump's global tariff regime was dealt a blow on Wednesday following a ruling that he had exceeded his authority. His plans have been temporarily reinstated after the White House appealed the decision. Both the US and China confirmed they would reduce tariffs imposed on each other's imports earlier this month, following talks in Switzerland. The deal involved both nations cancelling some tariffs altogether and suspending others for 90 days by 14 May. Bessent said talks on a further deal had lost momentum, but stressed that they were continuing. "I believe that we will be having more talks with [China] in the next few weeks and I believe we may at some point have a call between the president and [Chinese President Xi Jinping]," Bessent said on Thursday. He added that the pair had "a very good relationship" and he was "confident that the Chinese will come to the table when President Trump makes his preferences known". Underthe deal struck earlier this month, the US lowered tariffs imposed on goods from China from 145% to 30%. China's retaliatory tariffs on US goods dropped from 125% to 10%. The US President has argued imposing tariffs on foreign goods would encourage US consumers to buy more American-made goods, bringing back manufacturing jobs while increase the amount of tax revenue raised. They have been used by the Trump administration as leverage in negotiations as it seeks to reduce trade deficits with other nations. A delegation from Japan are continuing trade talks with their US counterparts in Washington on Friday. Bessent said "a couple" of US trade deals were "very close", but "a couple of them are more complicated". Trump's tariff regime remains in the balance following the decision by the US Court of International Trade, which ruled that Trump hadoverstepped his power by imposing the duties. Some analysts believe it will mean countries will be less likely to rush to secure trade deals with the US. A federal appeals court has granted a bid from the White House to temporarily suspend the lower court's order, which Trump described as "horrific". "Hopefully, the Supreme Court will reverse this horrible, Country [sic] threatening decision, QUICKLY and DECISIVELY," he wrote on his Truth Social platform.
China trade talks have stalled, US treasury secretary says
TruthLens AI Suggested Headline:
"US Treasury Secretary Reports Stalled Trade Talks with China"
Bbc News
7.6
TruthLens AI Summary
Trade negotiations between the United States and China have encountered significant delays, according to US Treasury Secretary Scott Bessent. His remarks come in the wake of a temporary trade agreement established less than three weeks ago, which aimed to ease tensions between the two largest economies globally by reducing reciprocal tariffs. Bessent emphasized the complex and extensive nature of these discussions, suggesting that they would require direct engagement from both nations' leaders. Recently, President Donald Trump's tariff policies faced setbacks following a ruling that deemed he had exceeded his authority, although the administration has appealed this decision to reinstate the tariffs temporarily. Earlier this month, a consensus was reached between the US and China to lower tariffs, with the US reducing its tariffs on Chinese goods from 145% to 30%, while China lowered its tariffs on American goods from 125% to 10%. This agreement has been framed as a strategic move to promote US manufacturing and increase tax revenues, while also serving as leverage in trade negotiations aimed at reducing trade deficits with other countries.
Despite the initial progress, Bessent noted that discussions for further agreements have lost some momentum but reassured that negotiations would continue. He expressed optimism that further talks would take place in the coming weeks, potentially including a conversation between President Trump and Chinese President Xi Jinping. Bessent described their relationship as positive and expressed confidence that China would engage constructively when the US administration outlines its priorities. Meanwhile, trade discussions between US representatives and a Japanese delegation are ongoing in Washington. Bessent also mentioned that while some US trade deals are nearing completion, others remain complex and challenging. The legal ruling affecting Trump's tariff authority has raised concerns among analysts, who suggest it may deter other countries from hastily pursuing trade agreements with the US. The situation remains fluid as the White House seeks to navigate these challenges amidst calls for the Supreme Court to intervene in the matter.
TruthLens AI Analysis
The article highlights the current state of trade negotiations between the US and China, indicating that discussions have hit a snag despite recent agreements to reduce tariffs. This situation reflects the broader economic dynamics and political landscape that shape relations between the two nations.
Intended Purpose of the Article
The article aims to inform the public about the complexities and challenges in US-China trade talks, particularly following a temporary truce. By emphasizing the stalled negotiations, it may be trying to prepare the public for potential economic implications or shifts in trade policy. The mention of Treasury Secretary Scott Bessent suggests an attempt to present an authoritative perspective on the matter.
Public Perception
This piece likely seeks to create awareness about the fragile nature of international trade talks, potentially fostering a sense of caution among consumers and investors. By highlighting the stalling of negotiations, it may evoke concerns about future economic stability and the effectiveness of the current administration's trade strategies.
Information Withheld
While the article provides a surface-level overview of the trade discussions, it may downplay the underlying factors contributing to the stalled talks, such as political pressures, economic conditions, or specific contentious issues between the two nations. This omission could lead to a less informed public regarding the complexities of the trade relationship.
Manipulative Elements
The article’s framing could be seen as somewhat manipulative, particularly in how it highlights the potential need for direct communication between US and Chinese leaders. This framing may suggest that resolution is dependent on the actions of these leaders, which could shift blame or responsibility away from systemic issues.
Truthfulness of the Article
The article appears credible, as it cites a specific government official and references recent events in trade negotiations. However, the selective emphasis on certain aspects may skew public understanding of the broader context.
Societal Implications
If trade talks continue to stall, the most likely repercussions could include increased uncertainty in the markets, potential job losses in sectors dependent on trade, and a slowdown in economic growth. Businesses and consumers may react by adjusting their expectations around prices and availability of goods.
Supportive Communities
This news may resonate more with business communities and investors who are closely monitoring trade relations. Additionally, individuals concerned about job security in manufacturing and export sectors may find the article's implications particularly relevant.
Market Impact
The developments reported could influence stock prices, especially for companies reliant on imports from China or exports to the US. Industries such as technology, agriculture, and consumer goods may see fluctuations based on the perception of ongoing trade negotiations.
Geopolitical Context
From a global power perspective, the stalling of trade talks serves as a reminder of the ongoing tensions between the US and China. The article effectively ties into current discussions about international relations and economic strategy, reflecting the significance of these negotiations in a broader geopolitical framework.
AI Involvement in Writing
It's plausible that AI tools could have been used in drafting or structuring the article, particularly in generating straightforward summaries or emphasizing specific themes. However, without concrete evidence, this remains speculative.
Potential Manipulation
The language used in the article, particularly around the need for leaders to "weigh in," may suggest a narrative that places the onus of resolution on high-ranking officials, rather than addressing the systemic issues at play.
The article effectively conveys important information regarding US-China trade talks, yet it does so with a specific framing that could influence public perception and understanding of the situation.