Revamping U.S.-China Trade Relations: A Multi-Step Approach

U.S. Treasury Secretary Scott Bessent expressed confidence that China will seek to renegotiate the phase one trade deal initiated by former President Trump. Bessent emphasized a multi-step negotiation process, highlighting the need for initial de-escalation followed by discussions aimed at a more comprehensive trade agreement.

U.S. Treasury Secretary Scott Bessent voiced optimism about revisiting the phase one trade deal with China, originally established during President Donald Trump's administration. Speaking to Fox Business Network, Bessent predicted that Beijing would be open to renegotiating terms, particularly regarding tariffs.

Bessent outlined a strategic plan involving a multi-step process. He emphasized the need for initial de-escalation between the two economic powerhouses as the first step.

Following a reduction in tensions, the U.S. aims to embark on broader trade negotiations, seeking a more extensive agreement that addresses additional trade-related issues.

(With inputs from agencies.)