US Treasury Secretary Bessent Says China Tariff Status Quo Working Well

US Treasury Secretary Scott Bessent has expressed satisfaction with the current tariff arrangement between the US and China, describing the status quo as "working pretty well" amid ongoing talks aimed at reaching a trade deal. Despite tariffs remaining in place, China remains the largest source of US tariff revenue, and the recent 90-day extension of the tariff truce extends the deadline to November, allowing more time for negotiations. Bessent highlighted that the US and China have had very good talks and anticipates further meetings before the truce expires, signaling a desire to maintain stable trade relations. Additionally, Bessent noted expectations for US economic growth to pick up in the fourth quarter of 2025, though some distributional issues within the economy persist. On the diplomatic front, he mentioned the possibility of a trilateral meeting involving President Trump, Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelenskyy, potentially in Budapest, but emphasized that a bilateral meeting between Putin and Zelenskyy should occur first. Overall, the Trump administration appears focused on preserving a manageable trade relationship with China while continuing broader diplomatic efforts.