U.S. Treasury Secretary Bessent indicated that trade talks between the United States and China are becoming more productive, suggesting a deal could be finalized following a scheduled meeting between President Trump and President Xi on Friday. “We anticipate we have a deal,” Bessent told CNBC, noting that the Chinese delegation “sensed a deal is possible” and that discussions have been “very fulsome” and “done with great respect.”
Bessent added that both sides need to meet again before November 10 to finalize remaining issues, including tariff structures and regulatory concerns. China reportedly came to the table with a “long list of asks,” but progress has been made.
On tariffs, Bessent said the administration has other legal authorities it can invoke and expressed confidence that the Supreme Court would support its stance if challenged.
The TikTok negotiations were also a point of discussion. Bessent confirmed that while the deal’s commercial terms were reached in the spring with new investors, a few final details remain. China’s approval is still pending. “Terms will be highly satisfactory for U.S. interests,” Bessent said, while declining to disclose specific terms.
On monetary policy, Bessent noted that President Trump believes the Fed is “behind the curve” and would support rate hikes if inflation became a greater concern.
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