The Trump administration is “not in a rush” to extend a tariff and critical minerals trade truce with China that ends in November, as there is time to renew it in meetings later this year, US Treasury Secretary Scott Bessent said on Tuesday.
In his first interview since attending last week’s high-stakes summit between Chinese President Xi Jinping in Beijing, Bessent said that he believes China will accept the restoration of prior US tariff rates through new Section 301 duties, as long as they don’t go higher.
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China in recent months had “gotten a deal” on lower tariffs as a result of the US Supreme Court’s decision striking down President Donald Trump’s global emergency duties, he said on the sidelines of a G7 finance leaders meeting in Paris.
“I think we’re not in a rush to extend it,” Bessent said of the November 2025 tariff truce. “Things are stable.”
