U.S. Treasury Secretary Scott Bessent described recent trade discussions with China as "very good," telling CNBC on Monday that he views the broader relationship as stable. In his remarks, Bessent said officials covered the contours of a new tariff regime during the meetings.
Speaking about the broader posture of U.S.-China economic policy, Bessent stated the United States does not want to decouple from China. At the same time, he said Washington is pursuing strategic change - a phrase he used to characterize the direction of U.S. policy without equating that aim with severing economic ties.
Bessent also addressed the uncertainty surrounding a potential meeting between President Trump and Chinese President Xi Jinping. He said it is still to be determined whether the planned visit will proceed as scheduled. Importantly, Bessent made clear that any delay in the meeting would not be attributable to developments in the Strait of Hormuz.
Instead, the Treasury chief pointed to logistics as the reason a meeting might be rescheduled. He explained that if the summit is postponed, the cause would be Mr. Trump's decision to remain in the United States amid the Iran war - a scheduling choice rather than an indication of deteriorating U.S.-China ties.
Bessent cautioned market participants against drawing the conclusion that any change in timing reflects a conflict between the United States and China. He emphasized that markets should not assume a rescheduling signals U.S.-China confrontation.
The comments tie together three distinct themes raised by the Treasury secretary: a positive assessment of bilateral trade talks, the discussion of a new tariff framework, and uncertainty about the timing of a high-level meeting that, according to Bessent, would be postponed for logistical reasons if it does not occur as planned.
Summary of remarks
- Trade meetings with China described as very good; relationship called stable.
- Discussions included a new tariff regime; U.S. is not seeking decoupling but is pursuing strategic change.
- Timing of a President Trump - President Xi meeting remains uncertain; any rescheduling would be logistical and linked to Mr. Trump's choice to remain in the U.S. amid the Iran war, not to the Strait of Hormuz or U.S.-China conflict.