US Treasury Secretary Scott Bessent said on Monday that the Trump administration was in no rush to cut a trade deal with China, but that talks were “in a good place” as both countries engage in discussions ahead of the expiration of a pause in tariffs next month.
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In an interview with CNBC, Bessent also said he intended to include in his discussions China’s purchases of Russian and Iranian oil.
“I think trade is in a good place,” Bessent said, adding that the administration was more concerned with the quality of trade agreements rather than their timing.
“And I think now we can start talking about other things,” he added.
As the trade war hit a fever pitch in April and May, the world’s two largest economies hiked tariffs on each other’s goods to triple-digit levels in a quick-fire, tit-for-tat escalation.
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But after talks in Geneva and London led by Bessent and Chinese Vice-Premier He Lifeng, Washington and Beijing temporarily lowered tariff levels until mid-August while discussions continued.
