Treasury Sec. Says US Has Not Had Formal Trade Negotiations With China

The United States has yet to begin trade discussions with China, as both Washington and Beijing have imposed heavy tariffs on each other’s goods, according to Treasury Secretary Scott Bessent.

“China, we have not engaged in negotiations with as of yet,” Bessent told members of the House Appropriations Committee Tuesday.

He did not immediately clarify if the communication was sought by either country. Fox News Digital contacted the White House for comment, but did not get an immediate response.

The Trump administration announced sweeping tariffs against a number of countries on April 2, after previously criticizing other countries’ trade policies and accused them of participating in unfair trade practices against the United States.

The government eventually pulled back its earlier proposal, announcing on April 9 that it would immediately raise duties on Chinese imports to 145% while reducing reciprocal levies on other nations to a 10% baseline for 90 days. In retaliation, China increased its taxes on U.S. imports to 125%.

Meanwhile, President Donald Trump has shown an interest in lowering some of the tariffs imposed on Chinese goods, but he has stated that he would not be the first to bend and compromise by beginning a tariff reduction.

“At some point, I’m going to lower them because otherwise you could never do business with them,” Trump said in an interview with NBC’s “Meet the Press with Kristen Welker” that aired Sunday. “They want to do business very much … their economy is collapsing.”

Trump also told reporters on Air Force One Sunday that he wants a “fair” trade agreement with China and that the two countries are discussing a range of problems.

Chinese authorities have stated that the government is exploring negotiations with the United States and accepts remarks by U.S. officials expressing an interest in conversations, but that the tariffs must be removed first.

“The tariff and trade wars were unilaterally initiated by the U.S., if the U.S. side wants to talk, it should show its sincerity, and be ready to take action on issues such as correcting wrong practices and canceling the unilateral imposition of tariffs,” China’s Commerce Ministry said in a statement Friday.

Trump has supported tariffs for decades. Furthermore, the White House has asked for tariffs to confront the country’s record $1.2 trillion trade imbalance in 2024, claiming that the tariffs will help to revitalize US manufacturing employment.

In April, Bessent warned that tariffs might cost China up to 10 million jobs, and that it is on to Beijing to eliminate existing duties on US imports.

“I think that over time we will see that the Chinese tariffs are unsustainable for China,” Bessent told reporters at the White House April 29. “I’ve seen some very large numbers over the past few days that show if these numbers stay on, Chinese could lose 10 million jobs very quickly. And even if there is a drop in the tariffs that they could lose 5 million jobs.”

“So remember that we are the deficit country,” Bessent said. “They sell almost five times more goods to us than we sell to them. So the onus will be on them to take off these tariffs. They’re unsustainable for them.”

Bessent also told Congress on Tuesday that the United States has been in talks with other nations and that big trade agreements might be revealed “as early as this week.”

The US and Chinese officials are currently continuing their tariff discussions, but China has already made concessions, either as a sign of good faith or as a tacit admission that the Trump administration has the communist nation in its sights.

According to the most recent sources, around one-quarter of all US imports to China have been surreptitiously spared from 125% tariffs, amounting to $40 billion in American-made items that will now reach Chinese customers without the exorbitant surtax.

The decision comes as Beijing seeks to cushion the damage to its economy from President Donald Trump’s across-the-board 145% tariff on Chinese goods.

Pharmaceuticals and industrial chemicals are among the exempted products.

On Friday, Xi’s spokesperson said Chinese officials are “evaluating” the Trump administration’s latest offer, a key change in tone that might pave the way for protracted negotiations on a historic revision of the US-China trade gap.