US Confident of Reaching Trade Deal with China

JAKARTA - United States (US) Treasury Secretary Scott Bessent believes Washington has the potential to reach a deal with China. Bessent is "optimistic" about the next steps.

"Negotiations this week in Stockholm have advanced our talks with China, and I am confident that we have the potential to reach an agreement that will benefit both of our great nations," Bessent said in a post on X that was later deleted, as reported by Reuters on Saturday, August 2.

"I am optimistic about the way forward," he continued.

A US Treasury Department spokesperson said the post was reposted because the attached image had uploaded incorrectly.

The spokesperson also said the language in the post was consistent with what Bessent has said in various media interviews this week.

In an interview with CNBC on Thursday, Bessent said the United States believes it has the potential to reach a trade deal with China, but it is not yet 100% complete.

US negotiators "delayed quite a bit" during two days of trade talks with China in Stockholm this week, Bessent told CNBC.

China faces an August 12 deadline to reach a lasting tariff deal with President Donald Trump's administration, after Beijing and Washington reached a preliminary agreement in May and June to end escalating retaliatory tariffs and phase out rare earth minerals.