synopsis

The Treasury Secretary said that, given the complexity, both leaders would need to weigh in.

After announcing a rare bilateral agreement in mid-May to pause much of the tariffs between the U.S. and China—and later suggesting some progress—it now appears that the U.S.-China talks have stalled.

In a Fox News interview late Thursday, U.S. Treasury Secretary Scott Bessent said that the talks with China are a “bit stalled.”

Bessent added, " I believe we will be having more talks with them in the next few weeks.”

“And I believe we may, at some point, have a call between the President [Donald Trump] and Party Chair Xi [Jinping].”

The Treasury Secretary said that given the complexity, both leaders would need to weigh in, adding that Trump and Xi share a very good relationship.

“And I am confident that the Chinese will come to the table when President Trump makes his known,” he added. 

In the same interview, Bessent weighed in on the U.S. Trade Court ruling overturning Trump tariffs. 

He said, “It seems highly inappropriate for the judiciary to wade in here. When the Senate had the opportunity to override the president, and didn’t, so in terms of separation of power, the Senate has chosen not to exercise their powers.”

He said the Trump administration is committed to fair trade and striking the best deals for Americans. “Anything that the courts do to get in the way both harms the American people in terms of trade and in tariff revenue.”

The SPDR S&P 500 ETF (SPY) is up about 1% for the year, and the iShares MSCI China ETF (MCHI) has gained about 15%. 

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