Bessent says that the price status of China “ works quite well ”

When asked in an interview with Fox News when the progress of negotiations was seen and if the United States needed a trade agreement because of the way the prices went, Bessent said that “we are very happy” in the situation with China. “I think at the moment, the status quo is working quite well,” he said.

“China is the highest line of income for pricing income-so if it is not broke, do not repair it,” he said in the interview on Tuesday. “We had very good discussions with China. I imagine that we will see them again before November. ”

Bessent’s remarks indicate that a softening of tensions between the two parties remains in place, potentially creating an opening for President Donald Trump to meet the Chinese chief Xi Jinping.

The Trump administration has generally composed its conflicting tone with Beijing recently to obtain a summit with XI and a commercial agreement. Secretary of State Marco Rubio said that a meeting between the two leaders was likely, although no date has been set.

Last week, Trump extended a break on higher prices on Chinese products for 90 days after early November, a decision that stabilized trade ties between the two biggest economies in the world.

This was possible because the United States and China have agreed to reduce the TI-For-Tat price hikes and to facilitate export restrictions on rare earth magnets and certain technologies. S&P Global Ratings said that Trump’s prices would help soften the United States’s budgetary health by the president’s tax cuts, allowing him to maintain his current credit note.

However, the commercial dispute with China causes pain in the United States Caleb Ragland, president of the American Soybean Association, said in a letter to Trump dated Tuesday that American soybean farmers are close to a “commercial and financial precipice” and could not survive a prolonged dispute.

Trump said last week that he hoped that China would massively intensify his American soybean purchases. China has not bought a single cargo of soybeans at the next harvest, which begins in September.

And in a decision that is likely to bypass Beijing, the Trump administration should make a meticulous examination of imports of steel, copper, lithium and other materials in the world economy n ° 2 to enforce the American ban on goods which pretended to be made with forced work in the country’s Xinjiang region.

The plan is disputed with the wider commercial objectives of Trump, since it wants to reduce the American trade deficit with China and put pressure on Beijing to limit the expeditions of Fentanyl and chemical precursors.

Earlier this month, Trump doubled the prices on Indian products at 50%, saying that the increase was a punishment for oil purchases reduced by India from Russia, which, according to him, helps finance the war of President Vladimir Putin against Ukraine.

The United States can also target other nations – China is the largest global buyer in Moscow – but so far, India has been the only great economy to be struck by such “secondary prices”.

Bessent defended the absence of secondary prices of the administration on China in an interview with CNBC, saying that India only arrived its purchases after the large -scale invasion of the Kremlin of Ukraine in 2022.