WASHINGTON: US Treasury Secretary Scott Bessent said on Friday (Aug 1) he believes Washington and Beijing are nearing a breakthrough trade deal following two days of negotiations in Stockholm.
“This week’s negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations,” Bessent posted on social media platform X. The post was later deleted and reuploaded due to a technical error, according to a Treasury Department spokesperson.
“I am optimistic about the path forward,” Bessent added.
The Treasury said the language of the post reflected what Bessent has consistently stated in recent interviews. Speaking to CNBC on Thursday, the secretary confirmed the US sees progress in talks but stressed that a deal is “not 100% done.”
Bessent told CNBC that US negotiators “pushed back quite a bit” during the two-day talks, which aimed to iron out remaining differences following earlier frameworks agreed in May and June.
China is facing a looming Aug 12 deadline to finalise a comprehensive tariff agreement with President Donald Trump’s administration. Failure to do so could trigger a new round of punitive tariffs or other trade restrictions.
The talks are aimed at halting a years-long tit-for-tat tariff battle and restoring stable economic ties between the world’s two largest economies. Beijing’s restrictions on rare earth mineral exports have been a particular point of contention in recent rounds.
Bessent’s tone of cautious optimism signals that Washington may be preparing to ease tensions, even as Trump maintains pressure through hard deadlines and aggressive tariff threats.
