U.S. Treasury Secretary Scott Bessent expressed optimism on Friday about the progress of trade negotiations with China, hinting that a potential deal could be near. The talks, held in Stockholm this week, marked the latest attempt to resolve ongoing U.S.-China trade tensions involving tariffs and rare earth mineral supplies.
“We have the makings of a deal that will benefit both of our great nations,” Bessent wrote on X, formerly Twitter. The post, later deleted due to a technical error, was reposted with the same message, according to a Treasury spokesperson. The spokesperson emphasized that the remarks were consistent with Bessent’s recent media interviews.
In an interview with CNBC on Thursday, Bessent confirmed that the negotiations had advanced but cautioned that the agreement is “not 100% done.” He noted U.S. negotiators “pushed back quite a bit” during two days of discussions with Chinese officials.
The two countries face an August 12 deadline to finalize a lasting tariff agreement under President Donald Trump’s administration. Previous preliminary agreements in May and June helped ease tensions but left key trade issues unresolved. A failure to reach a comprehensive deal could reignite tit-for-tat tariffs and deepen economic strains between the world’s two largest economies.
Bessent’s optimistic tone offers a glimmer of hope for markets closely watching developments in U.S.-China trade relations. Investors are eager for a resolution that could stabilize supply chains and restore confidence amid ongoing global economic uncertainty.
By signaling progress in Stockholm, both Washington and Beijing may be moving toward ending years of trade friction that have reshaped global commerce and affected sectors ranging from technology to energy.