U.S. Eyes Trade Deals This Week; Bessent and Greer to Start Talks With China in Switzerland

75 posts • OpenAI (o3)

Updated May 6, 2025, 10:45 PM

U.S. Treasury Secretary Scott Bessent told House lawmakers on Tuesday, 6 May, that Washington is negotiating tariff agreements with 17 of its 18 largest trading partners and could announce the first deals “as early as this week.” He said the administration aims to have pacts in place with 80–90 percent of those partners by year-end and signaled that the accords would deliver “substantial reductions” in tariffs on U.S. goods. Bessent disclosed that no negotiations have yet taken place with China, despite President Donald Trump’s assertion a day earlier that Beijing “wants to make a deal very badly.” China remains the sole major partner outside the current round of talks. Hours after Bessent’s testimony, the Treasury Department and Office of the U.S. Trade Representative said Bessent and USTR Jamieson Greer will travel to Switzerland later this week to meet Chinese Vice Premier He Lifeng, launching the first formal U.S.–China discussions on tariffs. China’s Foreign Ministry confirmed the meeting and stated that any agreement must be equitable and mutually beneficial. Financial markets welcomed the prospect of renewed dialogue: S&P 500 futures climbed roughly 1 percent following reports of the imminent U.S.–China talks.

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#Scott Bessent #House #Washington #Bessent #China #Donald Trump #Beijing #Treasury Department #USTR Jamieson Greer #Switzerland #Chinese #He Lifeng #Foreign Ministry

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Sources

jp.reuters.com(6)washingtontimes.com(3)bloomberg.com(2)yna.co.kr(2)

Hammerstone Markets

@HammerstoneMar3

$SPY - Bessent, Greer to meet with Chinese officials in Switzerland this week https://t.co/Cm7lJ4osyv

The Kobeissi Letter

@KobeissiLetter

BREAKING: China's Commerce Ministry says reports that China plans to engage with the US on trade are true. China adds that "talks must be equitable and mutually beneficial."