U.S. President Donald Trump is not in a hurry to extend a trade truce on tariffs and critical minerals, which are set to expire in November, Reuters reported Tuesday, citing U.S. Treasury Secretary Scott Bessent in an interview.
Bessent, who was part of Trump's delegation in his Beijing trip last week, said be believes China will accept the restoration of previous tariff rates through new Section 301 duties, as long as they don't become higher, the report said.
China was able to obtain lower duties after the U.S. Supreme Court decided to strike down Trump's global emergency duties. Bessent said at the sidelines of the G7 finance leaders meeting in Paris that China has "been satisfactory" except in fulfilling their terms on critical minerals, according to the media outlet.
Bessent said he will meet with Vice Premier He Lifeng to talk about trade matters ahead of Chinese President Xi Jinping's visit to Washington in September, the report said.
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