The secretary of the Treasury, Scott Besent, said on Monday that he hopes to meet again with Chinese officials in the next week to continue commercial negotiations.
“I imagine that in the next fewer we will meet again to reach a more satisfied agreement,” Besent said in the “Squawk Box” of CNBC.
The exact details of the meeting, such as the location, have not settled on the legs, but now there is a “mechanism” for more conversations, Besent said.
The comments occur after the United States and China announced a 90 -day break in most of the tartries that countries had imposed among themselves, after a meeting between Besent, the commercial representative of the United States Jamieson Greer and Chinese officials in Switzerland.
“What we have with the Chinese is a mechanism to avoid rising tariff pressure,” Bessent said on Monday.
Under the 90 -day pause, both countries reduced their reference rate rate at 115 percentage points to 10%. The rate related to 20% of the United States fentanyl remains in place, so most Chinese products face a 30% rate in total, below 145% previously.
Besent said there was a “very long and deep sidebar” with respect to fentanil between two officials at the meeting.
“I think we saw here in Geneva that the Chinese now take seriously the help of the United States to stop the flow of precursor drugs,” Besent said.
The global stock market markets were abruptly recovered on Monday after the rate pause was announced, and US capital futures pointed to an acute jump when the market opens in New York.
