AsianFin -- U.S. Treasury Secreatry Scott Bessent on Monday sent another positive signal on easing trade tensions between the world’s top two economies.
Credit：Xinhua News Agency
Bessent said in a CNBC interview that he expected to meet with Chinese officials over the coming weeks to discuss trade and other issues on. “One of the things that’s not [on] my portfolio is TikTok, so I can’t speak to that directly,” Bessent said. “What I can speak to, I’m going to be meeting with my Chinese counterpart sometime in the next couple weeks.”
Bessent touted the high-level trade talks from June 9 to 10 in London that he joined in. “We had good meetings in Geneva and London,” Bessent said. “We both approached it with great respect, the two largest economies, and I think there are things for us to do together if the Chinese want to do it, so we will discuss whether we are able to move beyond trade into other areas.”
China and the United States have agreed in principle the framework for implementing consensus between the two heads of state during their phone talks on June 5, as well as those reached at Geneva talks, China’s state news agency Xinhua on June 10 cited Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce.
Li described the trade talks from June 9 to 10 as professional, rational, in-depth and candid exchanges, Xinhua reported. China reiterates that the United States should work with China to honor their words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, Chinese Vice Premier He Lifeng said during the meeting in London with U.S. counterparts including Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.
While Bessent on Monday didn’t identify the Chinese counterparts by name that he will talk with in the near term, the state-backed newspaper the Global Times cited Chinese experts that his remarks underscored the importance of the economic and trade relationship between China and the U.S., and indicated a potential shift in the Washington's approach to trade negotiations with China.
Following the London talks, both China and the U.S. began fulfilling their commitments and implementing the consensus, easing pressure on bilateral relations and laying a foundation for more stable development, but that does not mean that the two sides have entered into a state of active communication or cooperation, according to the Global Times. It noted that Bessent's announcement of further consultations suggested that these talks have been coordinated with China. It said that Chinese experts expect that the next round of talks could cover a broader range of issues beyond trade, including investment, currency, high-technology exports, and energy procurement.
China in late June confirmed it took further steps to finalize and implement the trade framework it reached through negotiations with the U.S. in London after the Trump administration touted a deal with Beijing that allows U.S. importers’ easier access to the key rare-earth metals from China.
Economic and trade teams from China and the United States have recently further confirmed the details on the framework for implementing the important consensus reached by leaders of two states during their phone calls on June 5, a spokesperson for China's Ministry of Commerce (MOFCOM) said on June 27.
China will review and approve applications for the export of eligible controlled items in accordance with the law, and the United States will remove a series of restrictive measures imposed on China accordingly, the spokesperson said.
The spokesperson responded to a media query about recent U.S. officials’ remarks and reports that China and the U.S have agreed on implementing the framework secured during talks in Geneva, and then China will expedite rare-earth exports, in exchange, U.S. will lift certain measures against it.
China hopes that the United States will leverage the role of the China-U.S. economic and trade consultation mechanism further, enhance mutual understanding continuously, reduce misunderstandings, and strengthen cooperation to promote the healthy, stable and sustainable development of China-U.S. economic and trade relations, the spokesperson said.
