Exclusive-US Not in a Hurry to Extend China Trade Truce, Bessent Says

Source: US News & World Report/Reuters

May 19, 2026, at 10:08 a.m.


PARIS, May 19 (Reuters) - 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, U.S. 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 U.S. tariff rates through new Section 301 duties, as long as they don't go higher.

China in recent months had "gotten a deal" on lower ‌tariffs as a result of the U.S. 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.". He ⁠added that China has "been satisfactory, ⁠but not excellent in terms of their fulfillment on their side on critical minerals. So we're seeing them again."

Xi is expected ​to travel to Washington to meet with Trump at the White House in September. Prior to that summit, Bessent said that he will meet with his counterpart, Vice Premier He Lifeng, to work out more details on trade matters. Trump and Xi also may meet at an Asia-Pacific Economic Cooperation Summit in November in China and a Group of 20 leaders summit in December in Florida.

The U.S.-China truce negotiated over several months last year averted a total collapse of trade between the world's two largest economies after ​Trump's new tariffs on Chinese goods prompted retaliation and escalation that took tariffs to triple digits.

Read more: https://www.usnews.com/news/top-news/articles/2026-05-19/exclusive-us-not-in-hurry-to-extend-china-trade-truce-bessent-says