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China deal close but not done, US Treasury secretary says
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China deal close but not done, US Treasury secretary says
Jul 31, 2025 5:34 AM

WASHINGTON, July 31 (Reuters) - The United States

believes it has the makings of a trade deal with China, but it

is "not 100% done," U.S. Treasury Secretary Scott Bessent said

on Thursday.

U.S. negotiators "pushed back quite a bit" over two days of

trade talks with the Chinese in Stockholm this week, Bessent

said in an interview with CNBC.

"I believe that we have the makings of a deal," Bessent

said.

China is facing an August 12 deadline to reach a durable

tariff agreement with Trump's administration, after Beijing and

Washington reached preliminary deals in May and June to end

escalating tit-for-tat tariffs and a cut-off of rare earth

minerals.

Bessent said he and U.S. Trade Representative Jamieson

Greer will speak to President Donald Trump later on Thursday

about the August 12 deadline.

"There's still a few technical details to be worked out

on the Chinese side between us. I'm confident that it will be

done, but it's not 100% done, he said.

Many countries are rushing to cut deals ahead of August

1, when Trump has promised higher tariffs will kick in.

On India, Bessent said he did not know what would happen

in trade talks, citing India's dealings with Russia. "They have

not been a great global actor."

Asked if movement was possible before the Friday

deadline, Bessent said: "I don't know what's going to happen. It

will be up to India. India came to the table early. They've been

slow rolling things. So I think that the president, the whole

trade team, has been frustrated with them."

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