Business · Trade · 16 hrs ago
Bessent calls for more balanced US-China trade ahead of Trump-Xi talks
US Treasury Secretary Scott Bessent called for more balanced trade with China at an event in New York on Tuesday.
He said the United States should make more of what it consumes, while China should consume more of what it produces.
Bessent described the goal as reducing reliance on each other, not ending trade between the countries.
Chinese ambassador Xie Feng also called for reciprocity, and said cooperation could benefit both countries while confrontation could harm them.
The comments come as trade tensions continue and a fragile truce is due to expire in January.
US President Donald Trump is expected to meet Chinese leader Xi Jinping in Shenzhen next week, with trade likely to be a key topic.
US officials have also urged China to follow through on commitments involving agricultural purchases and supplies of rare earths and other critical minerals.
U.S. Treasury Secretary Scott Bessent called for a more balanced trade relationship with China ahead of talks between the countries’ leaders.
He said the United States should produce more of what it consumes, while China should consume more of what it produces.
Chinese ambassador Xie Feng also called for reciprocity and said the two countries could benefit from cooperation.
President Donald Trump is expected to meet Chinese leader Xi Jinping in Shenzhen next week, with trade likely to be high on the agenda.
A fragile trade truce between the countries is set to expire in January.
- Who
- U.S. Treasury Secretary Scott Bessent and Chinese ambassador Xie Feng.
- What
- Bessent called for more balanced U.S.-China trade ties. Xie spoke about reciprocity and cooperation.
- When
- Tuesday, ahead of a leaders’ meeting expected next week.
- Where
- A gala at a New York ballroom.
- Why
- Bessent said the United States had grown too dependent on foreign supply and China increasingly reliant on foreign demand.
This story does not have two clearly opposing sides.
U.S. Trade Representative Jamieson Greer held a video call with Chinese Vice Premier He Lifeng.
Bessent and Xie spoke at a gala in New York about trade ties and cooperation.
Trump is expected to travel to Shenzhen to meet Xi Jinping.
The fragile trade truce between the countries is set to expire.
- Bessent
- U.S. Treasury secretary
- Xie Feng
- Chinese ambassador to the U.S.
- Event location
- New York
- Expected meeting location
- Shenzhen, China
- Trade truce expiry
- January
3 sources
What people are saying
Trade must advance the interests of both parties without diminishing the sovereignty of either
The American economy has grown too dependent on foreign supply, while China has become increasingly reliant on the foreign demand.
China and the United States stand to gain from cooperation and lose from confrontation.