Treasury Secretary Scott Bessent, in a recent interview with CNBC, expressed optimism that “substantial progress” in U.S./China trade negotiations could be achieved in the coming weeks. However, the overall status of talks remains uncertain, with public statements from both sides highlighting a lack of formal engagement and continued strategic posturing.
Bessent placed responsibility for progress on Beijing, stating that China’s export-dependent economy cannot sustain the current U.S. tariff levels. He emphasized that the U.S. is open to de-escalation and has already buffered potential supply chain disruptions through advance retail orders. Importantly, he reiterated that negotiations will not be conducted through the media and that real engagement requires China to take tangible steps first. Bessent outlined a multi-phase process: starting with tariff de-escalation, followed by broader negotiations on non-tariff barriers and intellectual property protections. China maintains publicly that no formal talks are happening, despite Bessent’s claims.
However, multiple reports from CNN, CNBC and other outlets indicate that Bessent and US Trade Representative Jamieson Greer will meet with their Chinese counterparts in Switzerland this week to discuss economic and trade matters.
