Is the U.S. close to a yuge, game-changing trade deal with China? If you listen to officials from Team Trump, we very well may be. Here’s Treasury Secretary Scott Bessent Sunday:
The president himself hinted at significant progress in a Truth Social post Saturday night, saying in his signature all-caps style, “GREAT PROGRESS HAS BEEN MADE!”
A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!
Trump imposed stiff tariffs on China, and pundits have feared an all-out trade war that could stun the world economy. But Bessent says their work is paying off:
"We will be giving details tomorrow. "But I can tell you that the talks were productive," Bessent told members of the media on Sunday from Switzerland. "We had the vice premier, two vice ministers who were integrally involved, Ambassador Jamieson [Greer] and myself. And I spoke to President Trump, as did Ambassador Jamieson last night, and he is fully informed of what is going on."
The Trump administration has leveled tariffs as high as 145% on Chinese goods as the president looks to bring parity to the nation's chronic trade deficit with foreign countries. Trump paused his April 2 reciprocal tariff plan on dozens of nations as countries called on the administration to make trade deals, but he upped the ante on China after Beijing rebuked Trump's trade policies with tariffs of its own, including 125% duty taxes on U.S. goods.
More: Winning: Trump Admin Announces Yuge Trade Pact With United Kingdom
Breaking: China Announces It's Coming to the Tariff Negotiating Table This Weekend
RedState’s Ward Clark reported on the big trade deal with the U.K. Thursday, and posited that it very well could cause a (positive) domino effect:
The United Kingdom is the first major nation to make a new trade deal with the United States, but if the president's plan works, it sure won't be the last. Nations, like people, can be subject to preference cascades, and when one nation strikes a good trade deal with the largest economy in the world - the United States - others will be watching. India is reportedly coming to the table. As noted above, talks with China are starting, and China is under enormous pressure right now to make some kind of deal.
A comprehensive deal with China—one that levels the playing field—would be a massive accomplishment for the Trump administration. We’ll know more Monday.