China, Scott Bessent
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The trade pact reached over the weekend represents another stage in the U.S. shaking its reliance on Chinese products, the Treasury chief said.
Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.
The de-escalation provides both sides with breathing space to find a way to preserve trading ties that were threatening to grind to a halt.
Chinese state media — and many outside analysts — declared Beijing had won round one of the trade war after the Trump administration rolled back many tariffs.
13don MSN
Treasury Secretary Bessent said the Trump administration will weigh China's lack of compliance with the "phase one" trade deal from the president's first term in current negotiations.
The Trump administration declared victory in a trade war with China Monday after a temporary economic ceasefire that sent the Dow leaping 1,100 points.
A deal with China is a relief to investors who worried tariffs as high as 145% would severely limit trade, raise prices and hurt the U.S. economy.