Bessent sees trade deal likely with China before November deadline on reciprocal tariffs
Treasury Secretary Scott Bessent expressed confidence that a trade agreement with China was close on Tuesday.
Bessent, called mutual tariffs that will enter into force in November, said he expected more talks before then during a CNBC interview.
“We will see each other again,” he said during a comprehensive change in the “Squawk box”. Each of these talks has become increasingly productive. I think the Chinese now think that a trade agreement is possible. “
The statement comes with a series of bending and return since Trump announced its first “Liberation Day” duties on the US Global Trade Partners on April 2.
Under the first move, China would face tariffs up to 145%, but it was suspended as the talks continued. The first pause on mutual tariffs would end on August 12, but Trump extended suspended until November 10th.
Bessent said by the US trade partners, “Chinese goods have left their markets under water and they do not know what to do about it. These goods come a little apoplexic,” he said.
The US had a trade deficit of approximately $ 300 billion with China in 2024. This was at a significant decrease in 2025 and was $ 128 billion until July.
Bessent said that the US Trade Representative Jamieson Greer expects the deficit “at least 30% this year and probably more in 2026”.
“So the idea here is to balance, to make fair trade,” he said.
