U.S. Treasury Secretary Scott Bessent said on the sidelines of a G7 finance meeting in Paris that the administration is not moving quickly to extend a tariff and critical minerals truce with China that is set to expire in November 2025. He framed the timetable as manageable, saying there was room to handle renewal discussions in meetings that will take place later this year.
Bessent said he expects China to accept a return to the prior U.S. tariff schedule through the imposition of new Section 301 duties, with one important caveat: the restored rates should not be higher than what prevailed before. He noted that China had lately obtained lower tariff outcomes, a result he tied to a U.S. Supreme Court decision that struck down the prior global emergency duties instituted under President Donald Trump.
On the prospect of extending the current arrangement, Bessent was direct: "I think we’re not in a rush to extend it," he said, adding simply that "things are stable." He also commented on critical minerals cooperation, saying China’s performance had been acceptable but short of excellent. "They have been satisfactory, but not excellent in terms of their fulfillment on their side on critical minerals. So we’re seeing them again," he said, signaling continued engagement on that agenda.
The timeline for high-level diplomacy includes a planned visit by Chinese President Xi Jinping to Washington for a meeting at the White House in September. Ahead of that summit, Bessent said he plans to meet with his Chinese counterpart, President He Lifeng, to work through additional trade details, indicating a diplomatic channel aimed at ironing out outstanding issues before the leaders meet.
Taken together, the comments portray a negotiating posture that prioritizes orderly, scheduled engagement over urgent action. The administration’s openness to reinstating earlier tariff rates, provided they do not increase from prior levels, and its assessment of China’s progress on critical minerals mark the immediate contours of the bilateral trade dialogue ahead of the autumn summit.
Context and next steps
- Tariff and critical minerals truce expires in November 2025; renewal discussions are expected later in the year.
- Bessent will meet with Chinese counterpart He Lifeng in advance of a September summit between the two countries’ leaders.
- China is seen as likely to accept restoration of prior tariff rates through new Section 301 duties so long as those rates do not increase.