WASHINGTON ― Treasury Secretary Scott Bessent told lawmakers Tuesday the United States has not begun trade negotiations with China, a statement contrary to President Donald Trump's recent assertions.
"China we have not engaged in negotiations with as of yet," Bessent said during testimony before the House Appropriations Committee at a May 6 hearing. The comments provided clarity regarding the status of trade talks between the world's two largest economies amidst high tariffs.
President Donald Trump has suggested multiple times in recent weeks that trade discussions with Beijing were underway or imminent. Trump told reporters on April 23 that "Everything's active" when asked about talks. In a later interview, he claimed Chinese President Xi Jinping had contacted him to discuss trade.
Despite Bessent's statement, Trump maintained Tuesday that China wants to make a deal. Meeting with Canadian Prime Minister Mark Carney, Trump said Beijing wants a meeting, and the U.S. would meet them at the right time.
The Trump administration has imposed significant tariffs on goods from China, including a 145% levy. China has responded with reciprocal tariffs and sought trade arrangements with other countries. Beijing's Commerce Ministry indicated May 2 it would not negotiate trade with the U.S. until these reciprocal tariffs were removed.
Bessent detailed the administration is engaged in negotiations with 17 of the 18 largest U.S. trading partners, confirming China is the sole exception. He expressed optimism that deals with 80% to 90% of those negotiating partners could be concluded by the end of the year, with announcements possibly coming this week.
Trump has not indicated plans to lower tariffs on China to facilitate negotiations now. During a May 4 interview, Trump stated he would eventually lower them but questioned why he would do so currently, citing China's struggling economy.
The Treasury Secretary noted that tariffs have prompted trading partners to come forward with offers to address tariff and non-tariff barriers, as well as issues like currency manipulation and subsidies. Bessent expects a substantial reduction in the tariffs the U.S. faces through these discussions.
Trump has broadly imposed universal tariffs, delaying reciprocal tariffs for many nations for 90 days while keeping the steep tariffs on China in place. He also removed the de minimis exception for goods under $800.
"I have not met with them ‒ no," Trump said Tuesday regarding China. "You would know if I met. I would tell you."
