US has yet to launch trade negotiations with China, Treasury secretary says
The U.S. has not yet kicked off trade negotiations with China, as both Washington and Beijing have slapped steep tariffs against each other’s imports, according to Treasury Secretary Scott Bessent.
"China, we have not engaged in negotiations with as of yet," Bessent told members of the House Appropriations Committee Tuesday.
He did not immediately make clear whether that conversation had been requested by either country. Fox News Digital reached out to the White House for comment and did not immediately receive a response.
The Trump administration unveiled sweeping tariffs across a host of countries April 2, after historically lambasting other countries' trade practices and accusing them of engaging in unfair trade practices against the U.S.
The administration later walked back its initial proposal, and announced April 9 it would immediately hike tariffs on Chinese goods to 145%, but scale back reciprocal tariffs on other countries for 90 days to a baseline of 10%. In response, China proceeded to boost its tariffs on U.S. goods to 125%.
HERE'S A CLOSER LOOK AT TRUMP'S TARIFF PLAN: WHAT TO KNOW ABOUT THE NEW DUTIES
Meanwhile, President Donald Trump has signaled interest in loosening some of the tariffs slapped on Chinese imports, but said he wouldn’t be the first to bend and compromise by initiating a decrease in tariffs.
"At some point, I’m going to lower them because otherwise you could never do business with them," Trump said in an interview with NBC’s "Meet the Press with Kristen Welker" that aired Sunday. "They want to do business very much … their economy is collapsing."
Trump also told reporters on Air Force One Sunday that he is seeking a "fair" trade deal with China, and said that the U.S. and China were in discussions about a variety of issues.
Trump has historically backed tariffs for decades. Additionally, the White House has called for tariffs to address the nation’s 2024 record $1.2 trillion trade deficit, and asserted that the tariffs will revive U.S. manufacturing jobs.
HERE'S A CLOSER LOOK AT TRUMP'S TARIFF PLAN: WHAT TO KNOW ABOUT THE NEW DUTIES
Bessent warned in April that the tariffs could cost China up to 10 million jobs, and said that the ball is in Beijing’s court to remove the existing tariffs on U.S. imports.
"I think that over time we will see that the Chinese tariffs are unsustainable for China," Bessent told reporters at the White House April 29. "I've seen some very large numbers over the past few days that show if these numbers stay on, Chinese could lose 10 million jobs very quickly. And even if there is a drop in the tariffs that they could lose 5 million jobs."
"So remember that we are the deficit country," Bessent said. "They sell almost five times more goods to us than we sell to them. So the onus will be on them to take off these tariffs. They're unsustainable for them."
Bessent also told lawmakers Tuesday that the U.S. has engaged in discussions with various countries, and signaled that major trade deals could be announced "as early as this week."
This is a breaking news story and will be updated.