Treasury Secretary Bessent Says U.S. Not in Rush to Extend China Trade Truce

WASHINGTON — U.S. Treasury Secretary Scott Bessent said the Trump administration is in no hurry to extend the current tariff and critical minerals trade truce with China, which is set to expire in November.

In an interview with Reuters on the sidelines of a G7 finance ministers meeting in Paris on Tuesday, Bessent stated there is ample time to address the issue in future meetings later this year.

“I think we’re not in a rush to extend it,” Bessent said of the November 2025 truce. “Things are stable.”

Bessent noted that China has benefited from lower tariff rates in recent months following a U.S. Supreme Court decision striking down certain global emergency duties. He expressed confidence that Beijing would accept the restoration of prior U.S. tariff rates through new Section 301 duties, provided they do not increase beyond previous levels.

The comments reflect a measured approach by the administration following President Donald Trump’s recent summit with Chinese President Xi Jinping in Beijing. While the summit produced new purchase commitments on agriculture, Boeing aircraft, and some progress on rare earth minerals, deeper structural issues remain unresolved.

Bessent indicated that China’s performance on critical minerals has been “satisfactory, but not excellent,” leaving room for further negotiation without immediate pressure to lock in an extension.

The current truce, agreed in late 2025, paused planned tariff hikes and addressed some supply chain concerns. Administration officials have maintained leverage through existing tariffs and sanctions while focusing on enforcement and targeted deals.

The Treasury Secretary’s remarks signal that the U.S. intends to negotiate from a position of strength rather than urgency, even as both sides continue working-level discussions on trade, investment, and technology issues. No timeline for formal extension talks has been announced.