The US and China flags will be seen on May 10, 2025 in Geneva, Switzerland on the day of the US-China bilateral meeting.
Keystone/Eda/Martial Trezzini | Via Reuters
BEIJING – US-China trade talks are “a bit stagnant” and demand that leaders of both countries be told directly that they are “a little stagnant,” the Treasury Department of Finance told Fox News in a local time interview on Thursday.
“We believe we will have more discussions with them in the coming weeks,” he said, adding that there may be a call “at some point” between the leaders of both countries.
After a rapid escalation of trade tensions last month, Bescent helped the world’s two largest economies reach a breakthrough agreement in Switzerland on May 12th. The country has agreed to increase the recent tariffs by more than 100% for 90 days or until mid-August. Diplomats from both sides called late last week.
Still, the US has pushed for technology restrictions in Beijing and elicited rage, but China has yet to make rare earth restrictions much easier, contrary to Washington’s expectations.
“Given the complexity and the magnitude of the consultation, I think this requires that both leaders put heavy weight on each other,” Bescent said. “They have a very good relationship and I’m sure the Chinese will come to the table when they were president. [Donald] Trump makes him [preferences] It is known. ”
Trump and Chinese President Xi Jinping last spoke in January, just before the US president was sworn into his second term. Trump has said he wants to talk to XI in recent weeks, but analysts hope that China will only agree that there is no surprise from the US on the phone.
China said its agreement in Switzerland, his Yongchian, a spokesman for the Chinese Commerce Department, told reporters during a regular briefing on Thursday.
However, regarding chip export restrictions, she said, “China again urges the US to immediately correct its wrong practices…and together we will protect the consensus reached in high-level consultations in Geneva.”
It is due to CNBC translation of her Mandarin language statements.
When asked whether China would halt export controls for rare earths, announced in early April, he did not respond directly. She said the restrictions on items that can be used for both military and civilian use reflect international practices and China’s position of “supporting world peace and regional stability.”
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This week, the Trump administration also announced that it would begin revoking visas for Chinese students.
“The US decision to cancel China’s student visa is completely unfair,” Mao Zedong, a spokesman for China’s Foreign Ministry, said Thursday. “I use ideology and national security as an excuse.”
