American Minister of Finance Scott Betting announced plans to meet his Chinese counterpart in the coming weeks to promote trade discussions between the two largest economies in the world, in the midst of escalating tariff threats from President Donald Trump.
What happened: “I’m going to meet my Chinese counterpart somewhere in the coming weeks,” Bessent said in a CNBC interview On Monday. “We had good meetings in Geneva, in London. We both approached it with great respect.”
The announcement comes when Trump intensifies the pressure on China due to extensive rate restructuring. On Sunday, Trump threatened an extra rate of 10% for every country that is in accordance with Brics Anti-American policy, aimed at the Tien-Lationality, including China, Russia, India and Brazil.
Trump has signed “Take it or let the” Letters to 12 countries with regard to specific rates rates, with the trade secretary Howard Lutnick Confirmation of plans to complete deals with ten large trading partners by July 9. Basic rates of 10% remain in force, with extra levies of up to 70% for some countries.
Bessent gave potential for broader cooperation that goes beyond trade issues. “I think there are things for us to do together if the Chinese want to do it,” he said. “So we will discuss whether we can go beyond trade to other areas.”
See also: Trump may have sent a sweet Japanese letter about rates, but it is unlikely that Tokyo will make progress until the deal will take place until this important event takes place
Why it matters: The meeting comes when the Federal Reserve has been brought caution over interest rates as a result of possible inflationary effects of escalating rates. Trump’s strategy has shifted from extensive negotiations to bilateral letters, which he considers more efficiently than complex multilateral commercial conversations.
Only the United Kingdom has obtained the preferred treatment, with car rates reduced from 27.5% to 10% and the space tasks, which benefit companies such as Rolls-Royce Holdings.
The bilateral discussions take place against a background of wider American China tensions, including semiconductor export restrictions and continuous negotiations on TapUs Operations Under Bytedance property.
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Indemnification: This content was partially produced with the help of AI tools and was assessed and published by Benzinga Editors.
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