US-China Trade Talks Stalled Amid Tariff Standoff

Treasury Secretary Scott Bessent told Congress that the U.S. has not begun trade negotiations with China, despite President Trump's repeated public claims. Bessent emphasized that China is the only major trading partner not currently in talks, while negotiations continue with 17 others. Both countries have imposed steep tariffs—145% by the U.S. and 125% by China—escalating tensions. Chinese officials insist they will not enter formal negotiations until the U.S. lifts its tariffs, while Trump refuses to reduce them to initiate talks but has hinted at possible future decreases. The ongoing standoff and mixed official messaging have fueled economic uncertainty, concerns about a recession, and a growing trade deficit. Bessent, however, remains optimistic about finalizing agreements with other trading partners.