Treasury Secretary Bessent says he’s likely to meet with China again in ‘next few weeks’ to work on bigger agreement

Treasury Secretary Scott Bessent mentioned that he anticipates another meeting with Chinese authorities in the upcoming weeks to continue trade discussions. Bessent expressed this during an appearance on CNBC’s “Squawk Box.” While the specific details of the meeting, like the location, are yet to be determined, Bessent stated that there is now a framework for further negotiations. These statements follow the recent announcement of a 90-day halt on most tariffs imposed by the U.S. and China on each other, after a meeting between Bessent, U.S. Trade Representative Jamieson Greer, and Chinese officials in Switzerland. Bessent highlighted that the U.S. and China have established a mechanism to prevent escalating tariff tensions. Both countries have reduced their baseline tariff rate by 115 percentage points to 10% during the 90-day pause. However, the 20% tariff on fentanyl-related products from the U.S. remains in effect, resulting in an overall 30% rate on most Chinese goods, down from the previous 145%. Bessent also mentioned that there was an extensive discussion about fentanyl between officials at the meeting, indicating that the Chinese are now committed to helping the U.S. combat the flow of precursor drugs. Following the announcement of the tariff pause, global stock markets experienced a significant rally, with the S&P 500 in the U.S. rising by 3.3% on Monday.