U.S. Treasury Secretary Scott Bessent announced on Tuesday that American trade officials will meet again with their Chinese counterparts within the next two to three months. This meeting will focus on the future of the economic relationship between the United States and China. The announcement followed the extension of the current tariff truce for another 90 days, which prevents the imposition of high tariffs on each other’s goods.
The tariff extension staves off a planned surge in duties that could have severely disrupted trade and supply chains. Both countries have temporarily suspended additional tariffs beyond the base levels already in place, hoping to create space for further talks. The truce comes amid ongoing negotiations aimed at reaching a broader trade agreement.
Regarding a potential presidential meeting, Bessent said that Chinese President Xi Jinping had invited President Trump to a summit, but no date has been set yet as Trump has not accepted the invitation. Earlier, Trump indicated he may meet Xi before the end of the year if a deal is finalized, reflecting cautious optimism about progress.
However, significant hurdles remain. Bessent emphasized that the U.S. will require sustained progress on the flow of fentanyl precursors from China before considering tariff reductions tied to this issue. The U.S. has accused China of not doing enough to stop these flows, which have contributed to overdose deaths. These tariffs, including a 20% tariff related to fentanyl concerns, remain a significant part of the trade dispute despite the tariff truce and ongoing negotiations.