Scott Bessent, the U.S. Secretary of Treasury, just concluded a 12 country marathon of trade talks. His meetings with leading Chinese officials, including President Xi Jinping, he termed “productive”. The negotiations took place during the Memorial Day weekend. They included private meetings with China’s vice premier and two vice ministers who are personally and directly involved in the negotiations. Bessent stressed the significance of these talks, as they may be on track to make a significant change in U.S.-China trade relations.
Joined by then‐U.S. Trade Representative Jamieson Greer, Bessent broke through to have frank, honest discussions with high‐level Chinese leaders. The participation of both Bessent and Greer highlights the depth of this U.S. administration’s commitment to eradicating unfair trade practices originating from China. Bessent highlighted that the vice premier and the two vice ministers were key figures in steering the negotiations. Without their involvement, the negotiations would have never made it that far.
After the meetings, both Bessent and Greer were able to debrief President Donald Trump on Saturday evening. Bessent promised all who were there that the President is ready and aware of where the talks are headed. Strictly interpreted, it hints at an incremental and strategic tack to advancing U.S.-China trade relations to mutual benefit. The timing of these negotiations is important given the current stage of tensions and the economic factors plaguing both nations.
On May 7, 2025, Bessent was testifying before the House Financial Services Committee. She went on to flesh out the outcomes of those weekend deliberations during her testimony. He noted the discussions resulted in “a tremendous amount” of productivity. That last detail is a huge win and represents a movement toward positive collaboration in negotiations that historically have been contentious. These conversations have proven incredibly fruitful on both sides. They demonstrate that all sides are willing to enter into good faith, problem-solving conversations as we look ahead.
On Monday morning, Bessent will provide a thorough overview. So we can expect him to provide some key insights on the results of these meetings and what comes next for U.S.-China trade relations. Lawmakers and analysts will be hanging on every word from next month’s briefing. That’s because they hope to better understand how these debates will shape the future of US economic policy.