Bessent: US, China have opportunity for big trade deal

U.S. Treasury Secretary Scott Bessent has signaled a softening of the Trump administration’s trade stance toward China, highlighting the potential for a significant trade agreement if Beijing is willing to shift its economy toward domestic consumption and reduce its reliance on export-led manufacturing. Speaking at international financial forums, Bessent emphasized that both countries are seeking economic rebalancing and suggested that cooperation could yield mutual benefits. He urged China to take concrete steps toward economic transformation, noting that the U.S. is also aiming to bolster its manufacturing sector. While acknowledging ongoing tensions and tariffs between the two nations, Bessent criticized international institutions like the IMF and World Bank for their leniency toward China and called for a renewed focus on economic fundamentals. His remarks suggest optimism for de-escalation and a possible breakthrough in trade relations, provided China demonstrates genuine commitment to reform.