US Treasury Secretary Bessent: To meet with Chinese counterpart in coming weeks - CNBC.

US Treasury Secretary Bessent: To meet with Chinese counterpart in coming weeks - CNBC.

US Treasury Secretary Scott Bessent hinted at several major trade announcements in the coming days, as the world awaits the results of ongoing trade negotiations with multiple nations. Speaking on Sunday, 6 July 2025, Bessent suggested that the US is close to reaching agreements on several trade deals, which could include a potential trade deal with India [1].

The US is facing a 9 July 2025 deadline for tariff pauses, and Bessent's comments come ahead of this deadline. He stated that the US government will send letters to 100 small countries, notifying them of higher tariff rates effective 1 August 2025 [1]. Bessent emphasized that the US is seeking duty concessions in various sectors such as agriculture, automobiles, wines, petrochemical products, and dairy, while India wants duty cuts on items like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas [1].

The US has been engaging in negotiations with various nations, including India, to avoid the imposition of higher tariffs. If these nations do not strike deals with the US, they will face the Trump tariffs effective 1 August 2025 [1]. Bessent refused to name the countries close to a trade agreement, stating that he does not want to let them "off the hook" [1].

In addition to trade negotiations, Bessent also announced that he will meet with his Chinese counterpart in the coming weeks. This meeting is expected to discuss the ongoing trade tensions between the US and China [2]. The US has eased export restrictions on China for chip design software and ethane, signaling a potential calming of trade tensions between the two countries [2].

The BRICS nations, which include Brazil, Russia, India, China, and South Africa, have condemned US tariffs and military attacks on Iran. President Trump warned that any country embracing the "anti-American" policies of the BRICS bloc will face an extra 10% tariff on exports [2]. This warning comes as the US struggles to seal trade deals with various nations.

As the deadline approaches, the US is working to secure trade deals with various partners to avoid the imposition of higher tariffs. The US has already reached a trade deal with Vietnam, which will see the country's imports face a 20% tariff, lower than the 46% threatened in April [2]. However, negotiations with Japan have soured, with Trump calling the country "spoiled" and proposing higher tariffs of 30%, 35%, or whatever number the US determines [2].

The European Union has signaled its willingness to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors [2]. Canada has scrapped its digital services tax that was set to affect large US technology companies, and trade talks between the two countries have resumed with a deal by mid-July in focus [2].

The Indian government has indicated that it will not enter into any trade deal under pressure. Union Minister for Commerce and Industry, Piyush Goyal, stated that India will only accept a trade deal that is fully matured and in the national interest [1].

As the deadline for tariff pauses approaches, the US is working to secure trade deals with various nations to avoid the imposition of higher tariffs. Bessent's hints of major announcements bring hope of a potential trade deal between India and the US, as both nations have been engaged in negotiations.

References:
[1] https://www.livemint.com/economy/india-us-trade-deal-soon-us-treasury-secretary-scott-bessent-hints-at-several-big-announcements-in-coming-days-11751809854238.html
[2] https://finance.yahoo.com/news/live/trump-tariffs-live-updates-trump-threatens-extra-10-tariffs-over-anti-american-brics-policies-200619789.html