Treasury Secretary Scott Bessent told CNBC on Tuesday that a trade deal between the United States and China "is possible" before reciprocal tariffs are set to take effect in November.
"We'll be seeing each other again" before the tariffs go into effect, Bessent told "Squawk Box" in an interview. "Each one of those talks has become more and more productive. I think the Chinese now sense that a trade deal is possible."
He added that U.S. trade partners have said that "Chinese goods are flooding their markets, and they don't know what to do about it. They're slightly apoplectic that these goods are coming in."
Bessent also noted that U.S. Trade Representative Jamieson Greer predicted that the trade deficit with China, which declined over the course of 2024 from about $300 billion to $128 billion, "will narrow by at least 30% this year and probably more in 2026."
He added, "So the idea here is to come into balance, to have fair trade."
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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